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It is customary to have to sign a contract with a realtor that you have been using to purchase a new or used house. I thought you only sign contracts with realtors when you are selling a house. AND do you have to still pay them a commission say if the deal falls through (you went to contract but you did not close)?
Help anyone.
In NC we have Buyer's Agency Agreements. This is an agreement between the perspective buyer and the agent that allows the agent to act on behalf of the buyer in the transaction. The law requires that a Realtor in a transaction represent either the buyer or the seller. If we don't get a contract with our buyer's we, by default, represent the seller. And, of course if we are working with the buyer we prefer to represent the buyer's best interest. If working for the seller we can't negotiate offer price or other concessions on behalf of the buyer.
Once we get the Buyer's Agency Agreement signed we are able to work exclusively on behalf of the buyer and our commission is paid by the seller (in most cases.) The only scenario I can think of where a buyer would be obligated to pay would be if it were a FSBO and the seller refused, but I've never seen that happen. Even if you're buying a FSBO, the Buyer's Agent could negotiate a co-broke where the seller paid the commission.
Now...was that a good answer or have I TOTALLY confused you. Hope not!
businessperson- thanks,
so if I sign the buyers agreement, I can't use any realtor? Aslo, I am referring to a clause in the agreement that says if the buyer defaults on the contract to purchase ( I am buying a new home) I am obligated to pay them the commission they would have gotten. Is it possible I am reading it wrong or not understanding contract mumbo jumbo?(like that terminology?). I have a call into my agent, but I just wanted to get my amo ready. Not saying anything bad about her. She is great.
If you are in a contract agreement with a realtor you are stating that you will not enter into an Offer To Purchase and Contract with another realtor as your representative. This protects your agent's right to a commission when the deal closes. However, if there is a reason that you want out of that agreement you can dismiss (or fire...I hate that word ) your agent and get out of the contract. If your agent is not fulfilling his/her fidicuary responsibility to you, if he is not acting solely on your behalf you can and should get out of the contract. The ethical thing to do is give your agent a chance to work dilligently for you and then if they don't, go to someone else.
One more thing...beware of long term agency agreements. It's best to have them cover a short time frame and then renew if needed.
If you are in a contract agreement with a realtor you are stating that you will not enter into an Offer To Purchase and Contract with another realtor as your representative. This protects your agent's right to a commission when the deal closes. However, if there is a reason that you want out of that agreement you can dismiss (or fire...I hate that word ) your agent and get out of the contract. If your agent is not fulfilling his/her fidicuary responsibility to you, if he is not acting solely on your behalf you can and should get out of the contract. The ethical thing to do is give your agent a chance to work dilligently for you and then if they don't, go to someone else.
One more thing...beware of long term agency agreements. It's best to have them cover a short time frame and then renew if needed.
Funny you say that about long term. Because she sent it to us with a date of 1 year. Which I thought was pretty pretentious. I am only thinking because she is covering the lenght of time it takes to build the home. Can this hurt us and mind you I am happy with her and she is a hard worker.
But again are we obligated to sign a contract that says we owe her the $ if for some reason we default on this new home construction. Lets face it, god forbide, something really bad could happen in the next 11 months. I hate to be negative but I am realistic.
Rates arent set by the Buyer's Agent; they are set at the time of listing. Say for instance a seller contracts with a Realtor to sell his/her home and agrees to pay a 6% commission. That realtor then represents the seller. Then a buyer calls a different realtor who acts a his rep. (The Buyer's Agent). The Buyer's Agent works for the buyer and collects his/her share of the 6% commission at closing. Usually, it a 50/50 split. Buyer's Agent would get 3% and seller's agent 3% on a 6% listing. Clear as mud right?
its diffrent in new york usually theres a charge. its usually based on a tier system for example if iwant to spend 100,000 and the agent finds me a home for 90,000 he gets 5000 if he finds me one fro 80,000 he gets 7000.
Real Estate laws vary from state to state. It's my understanding that NC has one of the most stringent laws aimed at protecting the buyer. They are very consumer oriented.
Different for sure. I am from NY & you do not have to sign with one realtor to buy. You can use as many different agents you want. When you sell than you have to sign a contractor. And they have to let you know if they are a buyers or sellers agent. I am still confuse on that whole thing.
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Now...was that a good answer or have I TOTALLY confused you. Hope not!
realtor contract
) your agent and get out of the contract. If your agent is not fulfilling his/her fidicuary responsibility to you, if he is not acting solely on your behalf you can and should get out of the contract. The ethical thing to do is give your agent a chance to work dilligently for you and then if they don't, go to someone else. 
