Buyers Agent Agreement Termination wants comission for any home on market (listing, rebate)
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BuyerInMA, you were doing the right thing, and it's horrible that you would be treated in this way. Unfortunately I've heard similar stories on both sides of the MA/NH border. I'm licensed in both states, but don't have a Mass form handy right now. There definitely should be a starting and ending date in ANY Buyer Agency contract. Procuring Cause is a very tricky area, and you would want written acknowledgment from the Principal Broker that your contract is null and void. (EVERYTHING is in the name of the Broker...)
Looking at the NH form, this is part of the wording of the Buyer Agency Agreement, which I believe the Mass form has as well:
BUYER will also pay the fee to AGENCY if BUYER or any entity acting on BUYER's behalf purchases, options, exchanges, leases or trades any property, through the efforts of anyone including BUYER where an agreement was entered into within _____ months after the expiration or rescission of this agreement or any extensions or renewal thereof and, 2) BUYER was introduced to the property by AGENCY unless BUYER has entered into an Exclusive Buyer Agency Agreement with another licensed broker.
Check the words in the contract you have, it should have some very similar language. This language is actually written in to prevent a Buyer from visiting a house with an agent, then waiting till the agency relationship is over, then making a deal directly with the Seller of the house, BUT it also can protect the Buyer in a case like BuyerInMA is going through...
In any case, I hope that you get things resolved--as others have advised, you need to cancel this agreement in writing, certified mail to the Principal Broker of the office, signed and notarized.
And Garth, I know you're trying to be helpful, however...
A Realtor or real estate agent can NOT represent your interests UNLESS you are in contract with them as a Buyer's Agent. Otherwise you are a FACILITATOR (or in NH, a non-agent) and as such, you cannot negotiate or act on behalf of a Buyer.
I hope this post makes sense in the morning when I will probably read it and say to myself "NO MORE POSTING AFTER MIDNIGHT!!!"
[quote=Valerie C;2045310]A Realtor or real estate agent can NOT represent your interests UNLESS you are in contract with them as a Buyer's Agent. Otherwise you are a FACILITATOR (or in NH, a non-agent) and as such, you cannot negotiate or act on behalf of a Buyer.
quote]
While that may be true in NH, it's not the case here in NJ, and may not be the case in MA. Here in NJ, if you act in a manner consistent with representing the buyer, and are not prevented from being a buyers agent by some other preexisting agreement, perhaps with the seller involved in the same transaction, then you most certainly can represent the buyers interests, and you absolutely can negotiate on behalf of that buyer. I don't personally reccomend this course of action, but I would venture that the majority of r.e. transactions here in central NJ are initiated without the buyer ever signing a representation agreement of any kind.
Finally someone who agrees with the statement I made about signing with another agent will cancel the safety clause
Here's some terrible advice. You haven't seen their buyer agency and you don't know how it's worded. In my state, the buyer would be responsible for paying both buyer agents a commission when they purchased. There is no termination for signing with a new agent.
well
you can always cancel your agreement but it must be in writing
Here's some more terrible advice. If it's a bilateral contract, both parties must agree to cancel the contract. Therefore, simply stating in writing that the contract is canceled may not be sufficient if the brokerage does not choose to agree.
why is everyone so gung-ho on getting an attorney?????
it clearly states in black and white on your contract that you can terminate the contract as long as it is in writing
you don't need an attorney for that
The worst advice yet: advising against seeking legal council. We are supposed to advise to seek council with appropriate professionals when questions arise, which is in this case an attorney.
You know what? After reading post #17 of this thread, I just don't know!! I would say to show it to a real estate attorney.
Know what else? I think that this is ESPECIALLY despicable considering that this place is touting itself as a BUYER'S AGENCY!! And maybe BuyerInMA needs to call Hank... WHDH-TV - Newsteam - Hank Phillippi Ryan
Quote:
Originally Posted by dncngrl1964
WOW THANK YOU VALERIE
Finally someone who agrees with the statement I made about signing with another agent will cancel the safety clause
...instead of going to a RE attorney that you will have to pay for...go to the local board of realtors or get an appointment with your states real estate commission. It is free to persue either of these options and trust me they will get to the bottome of the matter
Advising against legal council again? Still not getting it.
I think the phrase that is looked for and must be proven is
"is that agent the procuring cause of that sale"
I don't think emails of homes sent would be considered that
You think? Don't think because guess what- you're now giving legal advice after advising against it in 2 other posts. You've put yourself on the hook.
You know something else? You're RIGHT Brandon. I hadn't read that TERRIBLE cancellation policy! This is very much NOT a standard Mass. Association of Realtor approved form. There IS no termination on this by signing with a new agent. I'm not an attorney, and I don't play one on TV... I would strongly suggest having one take a look at what you have...
Quote:
Originally Posted by Brandon Hoffman
Here's some terrible advice. You haven't seen their buyer agency and you don't know how it's worded. In my state, the buyer would be responsible for paying both buyer agents a commission when they purchased. There is no termination for signing with a new agent.
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