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When moving to another broker and you have a buyer under a purchase contract and no Buyers Rep. Form can that buyer elect to move to another broker before the property closes.?
The purchase contract states who the agents are that are involved in the transaction, the procuring cause agents. A buyer cannot amend a purchase contract with representation of that procuring cause. Neither party can.
I would imagine this might vary from state-to-state. However, I'm going to share my own, recent experience. It may or may not be applicable to your situation.
I just changed brokers myself and my research showed that here in MA all contracts are the property of the broker. So, if your client is under contract to purchase a house then that purchase contract belongs to your broker.
Hopefully, you signed an independent contractor agreement when you associated with this broker and hopefully that contract outlines what happens to outstanding contracts when you leave the broker. I know my contract dictated that any outstanding purchase/sale contracts when I left would be paid out at a significantly lower rate than what I was receiving before I left. So, I found a window of time where I didn't have any outstanding contracts and made my move then.
I would imagine this might vary from state-to-state. However, I'm going to share my own, recent experience. It may or may not be applicable to your situation.
I just changed brokers myself and my research showed that here in MA all contracts are the property of the broker. So, if your client is under contract to purchase a house then that purchase contract belongs to your broker.
Hopefully, you signed an independent contractor agreement when you associated with this broker and hopefully that contract outlines what happens to outstanding contracts when you leave the broker. I know my contract dictated that any outstanding purchase/sale contracts when I left would be paid out at a significantly lower rate than what I was receiving before I left. So, I found a window of time where I didn't have any outstanding contracts and made my move then.
My exact same experience. My "departure tax" from my old broker when I left hurt to the tune of about $30,000. It's can be difficult for a busy agent to time an exit.
My exact same experience. My "departure tax" from my old broker when I left hurt to the tune of about $30,000. It's can be difficult for a busy agent to time an exit.
Yes. I've heard stories of people losing quite a lot more than that to make a change. Luckily for me as I was debating the issue, the clouds suddenly parted and a light shined through. So, I bolted for the door.
Quote:
Originally Posted by Rakin
OP is a 1 hit. Won't be back.
Maybe. OP did log back on to CD a few hours after posting this. So, maybe they'll be back.
I just changed brokers about a week ago. I closed the things I had in escrow first and left with a clean slate. I had read through the policies manual first because over 10 years ago when I joined I didn't think about this possible issue. Found out my broker had never specifically put anything in writing about this.
My exact same experience. My "departure tax" from my old broker when I left hurt to the tune of about $30,000. It's can be difficult for a busy agent to time an exit.
Makes me feel I got out cheap with $8,000.
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