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Hey, we put an offer through one of the agent. With the offer he made us sign the BRA which they didn’t explain it to us in any way. And the holdover period is 120 days. We pulled out the offer due to some reasons. Because of not explaining what we were signing into we don’t trust them now and we asked them to cancel the BRA but they said they cannot cancel it now even the brokerage is denying to cancel and they are threatening us if we buy other property through some other agent they will find out and take their commission. On the other hand, we liked other property and we want to buy it but we are waiting for the contract to expire. So if we buy this property through other agent in holdover period do we still owe commission to the previous agent? We are planning to buy the property as soon as contract expires.
Hey Agnya, so sorry you are having this experience. Ok so if there is still a valid contract and they refuse to give you a mutual release that BRA is still binding if you purchase a property within the area dictated on the agreement. However if it has expired and you are within the holdover period commission owed to that agent will only apply if it is a property that you have been shown by them. And even then, that agent will only be owed the difference of commission. For example if you signed a BRA with a 2.5% commission and the listing agent is only offering 2%, you will owe the difference of 0.5%. I hope that helped a bit and again so sorry you have had this experience. 🙏
@@CallumMoorekw thank you so much for your response. One more question. If we put an offer on the other property through another agent before expiration of the BRA with previous agent but the closing date will be in holdover period. Do we still owe them? Previous agent did not show this property to us in any way. As I believe purchase date will be in holdover period we shouldn’t be owing them any money. Please correct me if I’m wrong.
@@aagu14297 You will have to wait until the agreement expires before working with another Realtor. I would reach back out to them and ask them please for a mutual release as they are now hindering your ability to buy. We as real estate agent are here to help of course for compensation but if he or she is being a hindrance they should grant you your mutual release immediately.
▶ Exam Master Mini Course. Ontario Real Estate Exams 🇨🇦
✅ Use The Discount Link Below For 25% OFF
Course 1 - bit.ly/3NrGJ8q
Course 2 - bit.ly/44qOTEK
Course 3 - bit.ly/3r7uLJB
Course 4 - bit.ly/3PCoe3H
SIMS 1 - bit.ly/3Xv7rl0
SIMS 2 - bit.ly/3CUWEqS
Final Broker - bit.ly/44fEkoE
Value Link Above For All UA-cam Supporters. 🙏
Hi Mr More
IThat is really knowledgeable
Waiting for your more videos
I was looking for this video and couldnt find how the counter offer process works. Thanks so much for posting.
Beauty. 👌No problem!
@callum, this is TOP quality content and finding a refresher video on my to-do list on this EXACT subject was penciled in for tomorrow...Students/Clients..Callum's videos REALLY helped me pass my course and as a licensed REALTOR©️ this content still has value..Perfect timing
Hey great stuff JP!! Glad it helped and keep killn' it out there!!
Good refresher thx Callum
Glad it helped!
@Callum Moore Can multiple conditions with different expiry date be waived with single waiver?
They can yes. You would just indicate that the below conditions are being waived. The expiry dates at that point will not matter.
Hey, we put an offer through one of the agent. With the offer he made us sign the BRA which they didn’t explain it to us in any way. And the holdover period is 120 days. We pulled out the offer due to some reasons. Because of not explaining what we were signing into we don’t trust them now and we asked them to cancel the BRA but they said they cannot cancel it now even the brokerage is denying to cancel and they are threatening us if we buy other property through some other agent they will find out and take their commission. On the other hand, we liked other property and we want to buy it but we are waiting for the contract to expire. So if we buy this property through other agent in holdover period do we still owe commission to the previous agent? We are planning to buy the property as soon as contract expires.
Hey Agnya, so sorry you are having this experience. Ok so if there is still a valid contract and they refuse to give you a mutual release that BRA is still binding if you purchase a property within the area dictated on the agreement. However if it has expired and you are within the holdover period commission owed to that agent will only apply if it is a property that you have been shown by them. And even then, that agent will only be owed the difference of commission. For example if you signed a BRA with a 2.5% commission and the listing agent is only offering 2%, you will owe the difference of 0.5%. I hope that helped a bit and again so sorry you have had this experience. 🙏
@@CallumMoorekw thank you so much for your response. One more question. If we put an offer on the other property through another agent before expiration of the BRA with previous agent but the closing date will be in holdover period. Do we still owe them? Previous agent did not show this property to us in any way. As I believe purchase date will be in holdover period we shouldn’t be owing them any money. Please correct me if I’m wrong.
@@aagu14297 You will have to wait until the agreement expires before working with another Realtor. I would reach back out to them and ask them please for a mutual release as they are now hindering your ability to buy. We as real estate agent are here to help of course for compensation but if he or she is being a hindrance they should grant you your mutual release immediately.