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Like I said before, if I had proof if what he's done he may end up losing his license. Aside from the legal aspects, he's created a LOT of heart ache for us. Between the demands, threats, guilting, yelling, lying, and just all the other unprofessional things he's done and said makes us strongly feel that he doesn't deserve a single penny.
Well the 3rd agent in my scheme doesn't have to be privy to the details, nor does my 2nd one. I'm sure they wouldn't mind being under contract with me for a week, do no work, and still collecting that $500 retainer fee. If they don't know what has transpired they aren't doing anything unethical. Like I explained before the 2nd agent is a family friend and we wouldn't want to do anything to jeopardize his way of life.
Am I allowed to review the referral agreement? Or is that confidential between the agents
I suggest consulting with an attorney if you want to understand all your legal options to prevent payment to the 1st broker, and also avoid compromising the other agents.
I never heard of an agency agreement that did not have an escape clause. Please read it carefully, because you can't be forced to deal with a business that treats you so poorly.
Also, the agent may have violated both state law and the Realtors' Code of Ethics. Obtain complaint forms from the state and the local Board of Realtors and try to determine if the brokerage crossed the line. If so, fill in the forms with a succinct narrative, then show them to the broker at a meeting in his office. You can tell him that if he doesn't release you from the listing contract, you will file the complaints tomorrow.
If in doubt, seek out a free consultation with a real estate attorney.
I never heard of an agency agreement that did not have an escape clause. Please read it carefully, because you can't be forced to deal with a business that treats you so poorly.
Also, the agent may have violated both state law and the Realtors' Code of Ethics. Obtain complaint forms from the state and the local Board of Realtors and try to determine if the brokerage crossed the line. If so, fill in the forms with a succinct narrative, then show them to the broker at a meeting in his office. You can tell him that if he doesn't release you from the listing contract, you will file the complaints tomorrow.
If in doubt, seek out a free consultation with a real estate attorney.
I've read it through and through after this whole fiasco. There is definitely no escape clause. I edited out all the names but am not sure if it's against the rules or not to post it here.
The agent definitely violated the realtor's code of ethics and quite possibly state law. I've obtained and filled out all forms and was waiting to send them in.
We had finally had enough and just wanted to move on so we agreed to switch to another realtor from another brokerage. He forced us to get a referral (signed monday) so our new realtor is losing 25% of his commission in order to work with us. He was also supposed to give us cancellation of our contract, but yesterday he sent me an email saying there is no form and that the email he was sending me is the release. He also stipulated that we have to "drop and cease any and all ethical claims against REALTOR and REAL ESTATE FIRM". He didn't mention that we'd have to do this and he did clearly state that we'd be getting a cancellation form.
The whole situation is making me physically sick... I used to laugh at people who were so affected by words that they could take ill, but now I understand their pain. Anyone have some advice before I contact a lawyer?
I have just been burned by the exclusive buyer agent agreement. My agent also slipped it in and the legalese confused me a bit. I knew that I would pay the agent if I bought property without him but his company ... tacked on an extra fee of $395 on top of a commission. I did buy property with my agent who received a commission from the seller and am now being told that I will pay $395 out of my pocket to them at closing as their extra fee.
You were told of this, they put it in writing, and you signed it?
I hate this trend of charging an additional fee on top of the commission. I think it is unseemly and unprofessional. Even though they gave you a form to sign and you signed it, in my personal opinion, that is not good enough because they didn't specifically call it out to you and I think you should pursue an ethics grievance with the local board. Brokers and agents have a responsibility to be completely honest with their customers and I don't think slipping in a notice among 21 other pages AT THE TIME OF THE CONTRACT is sufficient. If I were on your grievance committee, based on what you've written thus far, I'd support your argument.
RESPA says that the fee must be justified via additional value-adding services.
If the commission is stated as a flat dollar amount, a percentage, or a percentage plus a fixed amount and not an administrative fee, it is OK--just sleazy, IMHO. It must be reported on the HUD, though, as I understand it.
I have just been burned by the exclusive buyer agent agreement. My agent also slipped it in and the legalese confused me a bit. I knew that I would pay the agent if I bought property without him but his company COLDWELL BANKER BURNET in Minneapolis tacked on an extra fee of $395 on top of a commission. I did buy property with my agent who received a commission from the seller and am now being told that I will pay $395 out of my pocket to them at closing as their extra fee. EVEN THOUGH THEY ARE GETTING A 3% COMMISSION FROM THE SELLER! I tried to resolve this with the broker and he basically told me I was lucky that they would honor the agreement and only make me pay $395 instead of the $450 as was their current fee. OUTRAGEOUS!!!! DO NOT BUY through Coldwell Banker Burnet Realty in Minnesota!
It is most likely for the use of their transaction coordinator. Either a TC or they pay E&O Insurance per transaction and are billing you for the cost.
I would NEVER pass this cost to a client. $395 is small compared to possible repeat business and referrals. That is why you never want to do something underhanded to ruin a client's trust.
If you have to pay, I would CALMLY tell them what they did was underhanded and ruined your overall experience with their company. I would go on and say you hope the extra $395 was worth losing repeat business and family/friend referrals.
They might act smug and not care at first but they might rethink it and waive the fee. Good luck
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