question for realtors regarding the buyer's agent agreement (commission, renting, property)
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I am thinking of signing a buyer's agent agreement. If I do not find a home in my tight time frame, then next spring I may buy the place I am currently renting. The buyer's agent agreement states that I must pay a 2.4% commission to the agent for six months past the end of the agreement if I buy a place introduced to me during the period of my buyer's agency agreement. If I do not find a home and if I buy the home I've been living in (for more than a year) during that six-month extension, will I be obligated to pay the 2.4% commission - even though I was introduced to the property (and living in it) long before I signed the contract? I am very cognizant of not wasting an agent's time. I would not have the agent show me anythiing I was not actually considering buying, and I will know within the month whether I will buy this year. If I do not buy this year, and do not buy the place I'm living in, I would definitely use this realtor as a buyer's agent next spring.
Well here is your little test. You now know it should be excluded from the agreement. You now know this is simple to do.
Ask you guy. If he does not explain how to exclude your existing residence find a new guy. If he does he is at least first order honest and you can proceed.
Quote:
Originally Posted by mcrcat
I am thinking of signing a buyer's agent agreement. If I do not find a home in my tight time frame, then next spring I may buy the place I am currently renting. The buyer's agent agreement states that I must pay a 2.4% commission to the agent for six months past the end of the agreement if I buy a place introduced to me during the period of my buyer's agency agreement. If I do not find a home and if I buy the home I've been living in (for more than a year) during that six-month extension, will I be obligated to pay the 2.4% commission - even though I was introduced to the property (and living in it) long before I signed the contract? I am very cognizant of not wasting an agent's time. I would not have the agent show me anythiing I was not actually considering buying, and I will know within the month whether I will buy this year. If I do not buy this year, and do not buy the place I'm living in, I would definitely use this realtor as a buyer's agent next spring.
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