Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If OP has a BA agency agreement and decides to walk, he is breaching contract with seller and will could be required to pay his BA the agreed upon commission (even if sale doesn't go thru). Kind of ironic since the BA may have been at least partly at fault...
Doubt it. Courts have been consistent in their rulings against negligence, especially from someone with a fiduciary duty.
Buyer would have to prove negligence, buyers word vs BA and broker. With no written documentation, not much to stand on.
It would be too risky for the real estate brokerage to proceed. Just because the OP doesn't have documentation, it doesn't mean that the brokerage doesn't.
It would be too risky for the real estate brokerage to proceed. Just because the OP doesn't have documentation, it doesn't mean that the brokerage doesn't.
He's also assuming what the Representation Agreement says and has absolutely no idea what they have agreed on.
He's also assuming what the Representation Agreement says and has absolutely no idea what they have agreed on.
He's also assuming that the bad old broker will pounce on the poor little buyer to make him pay, whether there was an error or not. It does not make sound business sense.
He's also assuming what the Representation Agreement says and has absolutely no idea what they have agreed on.
True, don't know if this is in OPs BA agency (if he has one), will defer this to OP. I am willing to guess that most boilerplate BA agency agreements (from RE Associations) have a clause that commits their buyer to pay commission, even if the buyer has to “walk” away from the contract. Interested to hear if there are any agents out there who dont have this in their BA agency agreement.
Quote:
Originally Posted by Silverfall
It would be too risky for the real estate brokerage to proceed. Just because the OP doesn't have documentation, it doesn't mean that the brokerage doesn't.
In this case, sounds like the error was one of omission (BA forgot to put selling contingency in). If this is the case, then it is likely that there is no incriminating documentation.
Quote:
Originally Posted by Captain Bill
He's also assuming that the bad old broker will pounce on the poor little buyer to make him pay, whether there was an error or not. It does not make sound business sense.
So are you implying that the public should assume that conditions and terms of RE contracts will not be enforced on a “poor little buyer”? Ironic, coming from someone who espouses respect and adherence to RE contracts.
In this case, sounds like the error was one of omission (BA forgot to put selling contingency in). If this is the case, then it is likely that there is no incriminating documentation.
No the OP said they signed it. So the incriminating information would be a signed addendum with a contingency that isn't in the possession of the seller's agent.
So are you implying that the public should assume that conditions and terms of RE contracts will not be enforced on a “poor little buyer”? Ironic, coming from someone who espouses respect and adherence to RE contracts.
I'm saying if the agent made the error that caused the buyer to cancel, then there would not be any commission due. That's why we're all been telling the OP to go talk to the broker.
Yes, people should honor their contracts. However, it does not make good business sense for a broker to "attempt" to have a buyer pay a commission when the agent (according to the OP) made an error. In that case, there is no commission due.
Taking it a step further, most agents and brokers would not attempt to force the commission issue if the buyer cancelled and the cancellation was not due to fault of the agent, as long as the buyer continued to work with the agent to find another house. A good agent would also try to get the buyers earnest money back, and may be successful.
However, if the buyer just decides at the last minute to breach a purchase contract and not even buy a house; or go to another city, then it's a different story. The buyer needs to honor their contract and pay the commission.
No the OP said they signed it. So the incriminating information would be a signed addendum with a contingency that isn't in the possession of the seller's agent.
It doesn't mean that the addendum is in the office file. The agent could have omitted it especially if there is no reference to it made in the purchase agreement. At this point that is a don't know.
It doesn't mean that the addendum is in the office file. The agent could have omitted it especially if there is no reference to it made in the purchase agreement. At this point that is a don't know.
Oh I agree. Most companies here use digital transaction file management and when you delete a document it records that deletion in the transaction record. Our state laws require that for digital storage. Makes it hard to delete things after the fact to protect yourself.
There just isn't enough information at this point, and it is unfortunate that the broker isn't returning phone calls.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
