I agree with other parties commenting this individual videos teach you in one video more than what three other offices (KW) I belonged to ever taught me.
Oh no, agents are going to have demand a monogamous relationship from their buyer clients or else there will be lots of jealous scuffles over procuring cause.
Let's say we use this form to protect ourselves, and for the purchase agreement, we ask the seller to pay the commission. Is there any conflict, or can we do that? Also, in the same scenario, let's say the seller counters with only paying 1%. Can we go back to the BRBC and adjust it so the buyer pays the other 1.5%?
Excellent question! Yes, you can ask the seller to pay commission on the RPA even though you have a buyer rep. agreement. Paragraph 4D for the buyer rep. agreement factors in an "adjustment" of commission for the amount paid by "other," ie. the seller. Thank you for the valuable comment.
@@BalboaRealEstate Thanks! If I have an agreement wtih seller to receive 5%, and my agreement on BRBC is to receive 2.5%, does it mean I get 5% from seller and then 2.5% from buyer, or does it mean I just get 5%? Or do you put 0% commission, since it's being paid by the seller (which seems weird because then the buyer could later say, "Hey you said you would work for free why are you making money out of the deal." I find this form very confusing when you're getting more from the seller. At what point do you have to actually disclose to the buyer the commission you're getting from the seller?
@@KMTPOneLife The amount the buyer is supposed to pay you in the buyer rep. agreement is reduced by what the seller or listing broker pays. So if you have a listing for 5% and then you have a buyer too (dual agent), you just make 5% because you are keeping 2.5% as the listing agent and 2.5% as the buyer's agent. This is assuming the buyer rep. agreement has the buyer paying 2.5% - because whatever the max on the buyer rep. agreement is the max buyer's agent can keep.
Yes, that is right. Any amount paid from elsewhere is credited toward the buyer's obligation. So if a the listing agent offers 2.5% and the buyer rep agreements says the buyer will pay 2.5% then it would cancel out the buyer's obligation.
Interesting.... I was told by my broker that writing in "California" was fine. We are licensed in CA so its reasonable that it should be enforceable. Thank you for the video.
Why would you want to hold someone back if they dont feel comftorble working with you? I just met my agent at the first listing she showed me. Which leads me to my next question, my form that i signed includes city name and address of the listing the agent showed me under location. Nothing filled out under county. So am i locked in with her to that specific property address or that whole city? Its only a contract for 2 weeks and i belive it takes 30 days to cancel after submitting 30 day cancellation notice. So no real way to cancel before it expires.
Very few, if any, agents want to hold a buyer back. It's about protecting ourselves from buyers using one buyer's agent to do the work and then another write an offer and cut us out. It sounds like your BRBC only pertains to the one property you were shown. If you aren't going to buy it and then there is really nothing left to do with the agent unless you want to use her for other showings.
Do bundled forms, such as wire fraud advisory, require an address to be entered, or can it be left blank, considering that we'll be dealing with multiple properties?
May I ask how the Buyer Representation Agreement (Form 507, attached here) corresponds to Form BRBC, and if both are always necessary with Buyer Agency?
Form 507 is a buyer representation agreement for independent agents that aren't realtors. Realtors in CA would use the the BRBC. You don't need to use both, but starting ~ July 15th you'll need one of them.
@@BalboaRealEstate Thanks. Do you know if they are even solid on the August 17, 2024 date? Is that up for change too? Are we supposed to get a mass mailing when the final date is decided?
@@chrishendrickson9035 August 17 for the settlement, but the changes are happening sooner. CRMLS will remove the buyer's agent commission on August 13th. So, we will be forced to write our offers with the commission request before the official settlement date. I don't know of any other official notice.
Can you do a video where you cover different scenarios and how it would be written out? For example, how do we cover ourselves if write in 2.5% but if the seller provides 3%, I get the 3%.
Thank you so much for this video! It was short and sweet, yet explained way more than my office manager could ever explain to me.
I love your videos!!
Thank you so much, very brief and straight to the point
Excellent, thank you!!
I agree with other parties commenting this individual videos teach you in one video more than what three other offices (KW) I belonged to ever taught me.
Already seeing buyers sign multiple agreements which always makes things fun.
Oh no, agents are going to have demand a monogamous relationship from their buyer clients or else there will be lots of jealous scuffles over procuring cause.
Let's say we use this form to protect ourselves, and for the purchase agreement, we ask the seller to pay the commission. Is there any conflict, or can we do that? Also, in the same scenario, let's say the seller counters with only paying 1%. Can we go back to the BRBC and adjust it so the buyer pays the other 1.5%?
Excellent question! Yes, you can ask the seller to pay commission on the RPA even though you have a buyer rep. agreement. Paragraph 4D for the buyer rep. agreement factors in an "adjustment" of commission for the amount paid by "other," ie. the seller.
Thank you for the valuable comment.
@@BalboaRealEstate Thank you for explaining it, and I really appreciate the valuable content you provide.
Thank you for the great question and answer as I had the same concerns. Great video as always!
@@BalboaRealEstate Thanks! If I have an agreement wtih seller to receive 5%, and my agreement on BRBC is to receive 2.5%, does it mean I get 5% from seller and then 2.5% from buyer, or does it mean I just get 5%? Or do you put 0% commission, since it's being paid by the seller (which seems weird because then the buyer could later say, "Hey you said you would work for free why are you making money out of the deal." I find this form very confusing when you're getting more from the seller. At what point do you have to actually disclose to the buyer the commission you're getting from the seller?
@@KMTPOneLife The amount the buyer is supposed to pay you in the buyer rep. agreement is reduced by what the seller or listing broker pays. So if you have a listing for 5% and then you have a buyer too (dual agent), you just make 5% because you are keeping 2.5% as the listing agent and 2.5% as the buyer's agent. This is assuming the buyer rep. agreement has the buyer paying 2.5% - because whatever the max on the buyer rep. agreement is the max buyer's agent can keep.
what about 4.D.1???? It appears that if the Seller is paying a commission to Buyers' side, that covers the buyer, correct?
Yes, that is right. Any amount paid from elsewhere is credited toward the buyer's obligation. So if a the listing agent offers 2.5% and the buyer rep agreements says the buyer will pay 2.5% then it would cancel out the buyer's obligation.
Do you have a Colorado one? Thanks
These work in any state: balboateam.com/one-page-and-two_page-buyer-representation-agreements/
Interesting.... I was told by my broker that writing in "California" was fine. We are licensed in CA so its reasonable that it should be enforceable. Thank you for the video.
Can you reasonably service the entire state equally? Highly unlikely.
Why would you want to hold someone back if they dont feel comftorble working with you? I just met my agent at the first listing she showed me. Which leads me to my next question, my form that i signed includes city name and address of the listing the agent showed me under location. Nothing filled out under county. So am i locked in with her to that specific property address or that whole city? Its only a contract for 2 weeks and i belive it takes 30 days to cancel after submitting 30 day cancellation notice. So no real way to cancel before it expires.
Very few, if any, agents want to hold a buyer back. It's about protecting ourselves from buyers using one buyer's agent to do the work and then another write an offer and cut us out. It sounds like your BRBC only pertains to the one property you were shown. If you aren't going to buy it and then there is really nothing left to do with the agent unless you want to use her for other showings.
In CA, both CAR and brokers are recommending to 60 days and not more than 90. Then extended.
What is the logic behind the short timeframe?
Can you use the Open home Team agreement you have here in place of this one from CAR?
Yes, unless your broker's policy requires CAR forms exclusively.
Do bundled forms, such as wire fraud advisory, require an address to be entered, or can it be left blank, considering that we'll be dealing with multiple properties?
Blank or TBD in that space.
May I ask how the Buyer Representation Agreement (Form 507, attached here) corresponds to Form BRBC, and if both are always necessary with Buyer Agency?
Form 507 is a buyer representation agreement for independent agents that aren't realtors. Realtors in CA would use the the BRBC. You don't need to use both, but starting ~ July 15th you'll need one of them.
@@BalboaRealEstate Thank you so much for clarifying!
Do you know if we need a BRBC form if we open escrow with a buyer before August 17, 2024?
It's not needed.
@@BalboaRealEstate Thanks. Do you know if they are even solid on the August 17, 2024 date? Is that up for change too? Are we supposed to get a mass mailing when the final date is decided?
@@chrishendrickson9035 August 17 for the settlement, but the changes are happening sooner. CRMLS will remove the buyer's agent commission on August 13th. So, we will be forced to write our offers with the commission request before the official settlement date. I don't know of any other official notice.
@@BalboaRealEstate Thanks. My broker just confirmed as well.
I would imagine there is going to be a revision on this form due to the NAR settlement. It will be interesting to see the changes.
Yes, there will be revisions in several forms if the settlement is approved.
Great video!
It's gonna change in 9 days. Stay tuned for the new version.
@@BalboaRealEstateplease do post how to fill the latest version
@@swaranjeetkaur5157 It's up now
Where do we get these forms.
From the CAR form library (membership required), OR download a version here: balboateam.com/one-page-and-two-page-buyer-representation-agreements/
Can you do a video where you cover different scenarios and how it would be written out?
For example, how do we cover ourselves if write in 2.5% but if the seller provides 3%, I get the 3%.
Yes, I was waiting for the new forms to come out today, but I think they're being delayed. Once the forms are out I will cover this topic in depth.
@@BalboaRealEstate Fantastic, thanks!