May 26, 2011

If I buy a house through a private sale, do I have to pay my agent if the seller doesn’t want to?

 

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If I buy a house through a private sale, do I have to pay my agent if the seller doesn’t want to?

This week’s featured Answer from the Ask the Pros section:

“Newsflash….you should read the buyer agency agreement before you sign it. You should fully understand what is included in this document before you enter into a legal and binding contract.

If buyers actually read the buyer agency agreement before signing, or better yet, brought it to their lawyer for approval prior to signing (I highly doubt a lawyer would endorse the buyer agency agreement as a beneficial document for any buyer to participate).

Bottom line, if you signed a buyer agency, you will most likely be signed to a 1 year contract, which covenants that if you purchase a home during the time frame of the contract you agree to ensure your agent a 2.5% commission on the purchase.”

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