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I agree with what's already been said. Termination and compensation are key. A good sign is the statement in your contract: "unless otherwise agreed in writing." Perhaps they are open to additions and deletions from the contract.
It's interesting this idea is not more uniform. I have been told some states do not require a buyer agency agreement. And some do require it as law to protect buyers from mistakenly believing they are being represented by a realtor when that realtor is actually the seller's realtor.
In at least one state, buyers are not obligated to work with a buyer's agent; they can sign the contract day to day; or they can even sign what is called a non-agency agreement, a sort of waiver of representation, where the agent can apparently show a home but not offer any advice or info on comparable prices, sales, methods of financing, etc.
Some states don't even allow dual agency any more; some allow it with signatures from all parties; some buyer's agents don't take listings so that they are always a buyer's agent; otherwise, if you are looking at a home listed by your buyer's agent at some point (and therefore the agent is first the seller's agent) another agent from the office can be designated to represent you in writing the contract, negotiations, pricing, etc.
Ideas based on experience...
In the state in which you are looking, they may not be quite uniform and may differ from firm to firm.
Some Agency Agreements will stipulate that they cover the agent with whom you are familiar ... as well as any other agent in his/her office that may show you homes. (Say if yours has something previously scheduled the day you want a second or third look.) Our place in NC has this. Another fyi, where it says on that form that buyer will make up the difference if "compensation offered is less than expected"...well, who determines what's expected and, no, I don't want to make up the difference so that one is crossed off and never a problem.
Some allow a blank space for a date for expiration and add "or..[.settlement date]...whichever is sooner". The blank space allows one to write in the date you are looking, if you want to go day by day. Or a week or whatever.
You could also think about writing in addresses of the homes shown to you only.
The contract I'm talking about also says payment is due at closing or if buyer defaults. A little better. But we still clarify "default".
It was a good 5 page read over my morning coffee this morning. lol
In tiny print on top it reads "Approved by the Wisconsin Department of Regulation and Licensing" with a mandatory use date of 7/1/08.
She also told us all agents work for the seller unless a buyer agency contract is in place. She said she wouldn't be able to give us comps for the property or help with negotiations. We wanted a buyer's agent to do those things but I'm not signing this agreement without further written clarification.
If it's true and you cannot have your (buyer agent) within signing anything in is sucks. How long are you going to be obligated to use this agent?
In tiny print on top it reads "Approved by the Wisconsin Department of Regulation and Licensing" with a mandatory use date of 7/1/08.
She also told us all agents work for the seller unless a buyer agency contract is in place. She said she wouldn't be able to give us comps for the property or help with negotiations. We wanted a buyer's agent to do those things but I'm not signing this agreement without further written clarification.
I assume you live in Wisconsin...either that or this agent has problems far beyond this agreement.
I don't know about Wisconsin, maybe this is the standard up there. I will say that approved forms in Florida are revised all the time and I don't think we have many, if any, forms that haven't changed since 2008 but that has no bearing on your situation except to raise the question that maybe there might be a more recent version of the form that is better (or more specifically) worded. You might give the agent's managing broker a call or an email to ask about it and for clarification on the wording you were given.
I just spoke to my broker manager to confirm my answer.If the seller defaults, our office would hold you responsible for the commission.
This contract was going to be for 1 specific property. Length of time was 6 months.
WTF? I would tell them we have nothing further to discuss and find another agent. I can't fathom this is the only way this works in your state. I would move to another state or not use an agent before I signed that agreement.
She has shown us this property 2 times but since we have not signed anything with her I'm assuming there isn't an obligation to continue with her.
We had also planned on using her/her office to list our current house when we move but that's not looking good either if their office has contracts like this.
I am disappointed. So much advice out there about finding an agent through friends or neighbors etc. Then to have wording like this in a contract.
We feel comfortable negotiating but pulling comps is harder. It seems to take the county some time to update sales prices of homes.
And here's an article from the Wisconsin Realtors Association on Buyer Agency. Thing I'm wondering about is the agent payment. One needs to put it in the contract that the agent will be paid by the seller. But also read #4 about firing a buyer agent...second paragraph about your right to do so but a possible violation of the contract and demand for some small compensation.
I like the space for exclusions and limitations. And, at the end, the many lines for additional provisions.
At compensation. I don't know..you might even discuss a fee for one day to see how it goes, how you all relate, but then in the offer seller pays a commission.
I just spoke to my broker manager to confirm my answer.If the seller defaults, our office would hold you responsible.
No, ask again...I have to believe that she meant to say "if the BUYER defaults". I can't see any way that they could hold you responsible for the actions of the seller.
No, ask again...I have to believe that she meant to say "if the BUYER defaults". I can't see any way that they could hold you responsible for the actions of the seller.
That could be a nice little scam to run. Get a seller to keep bailing out on contracts and split the commission with them.
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