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I would be surprised that the OP could not write a letter to cancel the Buyer's Agreement.
It is not standard practice in fact I don't have a Buyer sign a Buyer's Agreement until they make an offer. I certainly have lost out on some opportunities but I feel as if those Buyers' intentions were that they never intended to use me as their Buyer's Agent anyway. Some Buyers will do anything to save a buck Buying if they can use the "I don't have an agent card". Karma is a you know what...
I hope that while in the process of establishing a relationship with a Buyer that they would have no qualms about signing a Buyer's Agreement when I also draft a contract for them.
I would be surprised that the OP could not write a letter to cancel the Buyer's Agreement.
It is not standard practice in fact I don't have a Buyer sign a Buyer's Agreement until they make an offer. I certainly have lost out on some opportunities but I feel as if those Buyers' intentions were that they never intended to use me as their Buyer's Agent anyway. Some Buyers will do anything to save a buck Buying if they can use the "I don't have an agent card". Karma is a you know what...
I hope that while in the process of establishing a relationship with a Buyer that they would have no qualms about signing a Buyer's Agreement when I also draft a contract for them.
I try to get the BA agreement into their hands, or email, for them to review at first meeting.
And, I prefer to have it executed prior to writing the offer. Of course, in this overheated market, that is not always possible. But, I don't want to see 15 houses over a month with a buyer, and when it is time to write an offer on a house that will sell in 24 hours or less, have to detour to document agency
.
After a couple of experiences of reviewing and explaining the form for an hour, when we were ready to write an offer, I like to have the agency agreement out of that process. They are two entirely different documents and processes.
But, I also try to reduce their risk and increase the reasons to trust. So, using the standard NCAR form, I have templated in that either party can terminate at any time.
I also honestly can tell the buyer that I have never had to ask a buyer for a commission. And, if I DO ever have to ask for a commission, it will be right up front when discussing the viewing, not when writing an offer or at the closing table. That way, they can have the choice to adjust their offer or pass on the house.
I prefer "No surprises" in agency, because there almost always are enough surprises in a transaction.
I use a buyer's agency agreement too, and in NC it is required to have a written agency agreement to represent a client.
But, never as the OP describes. Never to trap a client. The circumstances he describes are indefensible.
I don't use buyer contracts. So, I just familiarized myself with the contracts supplied by our State association, the Massachusetts Association of Realtors (MAR), and the local board that I'm a member of, the Greater Boston Real Estate Board (GBREB).
The MAR form states that the contract may be terminated "by agreement" and the GBREB form does not address termination in any way that I noticed. Of course, if the agent in question is not a member of the National Association of Realtors then it's likely they are not using either of these forms but rather one of their own design. Alternatively, the agent could be in another part of the state and be using a different form supplied by their local board as their are a number of regional boards in this state.
I'm a Real Estate agent and when I work with buyers that I don't know on a personal level I always make sure to have a Exclusive Buyer's Representation Agreement. He could technically claim his commission even if you buy the home under your name if the person who signed the agreement is your wife, I might be wrong but I'm almost positive he can. The reason we get exclusive buyer agreements signed is to protect our time because some people (especially if they don't know you) use multiple agents, and when you dedicate time to a client and then they go and close with someone else it can be very frustrating so I rather get the document signed and have that peace of mind. Obviously is up to me to explain the contract so my client understands what he is signing...
For what it's worth, I'd tell you to get lost if you asked me to sign an exclusive representation agreement. I would never be bound into an exclusive relationship with someone I didn't know. I'm sure there are a lot of flaky customers out there, but I'd never do business with someone with so little faith in my ability to behave honorably.
*Update* - So I sent the agent an email asking for a termination on Wednesday night. He responded yesterday morning explaining it was a "misunderstanding" etc. and that he wanted to discuss with me "live." As a reasonable individual, I responded yesterday morning saying I'd be willing to discuss and to let me know at what time to call. I also laid out my concerns with the agreement. As of this morning (Friday), I still haven't heard back. Now, I'm not a real estate agent, but I would have been on the phone immediately to try and smooth things over. ( A separate issue has been communication (or lack thereof). He'd only respond to emails late at night after 10).
So, I sent another message to the agent this morning and copied his branch manager demanding the termination or I would go directly to their main office and possibly the MA Board of Realtors.
Quick update . . . I actually spoke to the branch manager and agreed to stay with the agency as long as it's with another agent. I told them I'd give another agent a shot as long as it's on my terms (shorter renewable term, communication is timely, etc). I don't want to write off an entire agency as I'm sure there are very capable professionals there. So I'm willing to work with them and I'm hoping they go "above and beyond" given my experience so far. We shall see . . .
Quick update . . . I actually spoke to the branch manager and agreed to stay with the agency as long as it's with another agent. I told them I'd give another agent a shot as long as it's on my terms (shorter renewable term, communication is timely, etc). I don't want to write off an entire agency as I'm sure there are very capable professionals there. So I'm willing to work with them and I'm hoping they go "above and beyond" given my experience so far. We shall see . . .
Thanks again everyone-
Why do you have to have a contract at all? It doesn't sound like you're willing to commit to them at this point.
For what it's worth, I'd tell you to get lost if you asked me to sign an exclusive representation agreement. I would never be bound into an exclusive relationship with someone I didn't know. I'm sure there are a lot of flaky customers out there, but I'd never do business with someone with so little faith in my ability to behave honorably.
Just my two cents.
Not directed at you specifically but I have 3 comments.
1-In my state agency is required by law.
2-I've often found the louder someone says I can trust them the more likely they are to break their word. (again, not you, just a generality.)
3-I've learned everything needs to be in writing. The honorable clients and agents have to do this because of the dishonorable clients and agents.
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