Q: We signed a buyer ? broker agreement with our real estate agent. Standard Utah form. a few weeks after signing it, we were informed of a property going on the market. We are excluded from the listing agreement. However, do we owe our broker a commission under the buyer broker agreement?
?Kate, Salt Lake City, UT
A: I?m not sure what the real question is here. You are working with a broker and signed a buyers/broker agreement ok. That means you are working with that broker to find you a home and when they find you a home the fees are usually paid out of the sellers proceeds not from you.
As for a listing agreement that?s when you agree to sell your home, so I?m a bit confused. Now a property that went on the market is not available to you? Is that what you are asking? Good Luck!
Rosanne Nitti is a Realtor? with RMN Investments & Realty Services in Laguna Beach, CA.
A: Your agreement with your broker is between the two of you, not between you and a seller or a seller?s broker. Just because the seller has no obligation to pay a commission to the listing broker should you purchase their property, it does not mean that you are not obligated to your broker. If that property or that seller was excluded from your buyer-broker agreement, you may not owe a commission to your broker. If your agreement does not make that exclusion, you probably owe the commission to your broker.
To take this a step further, the seller has no agreement with your broker to pay a commission; however, the seller may be willing to pay your broker?s commission, or at least a portion of it. After all, by selling to you they are saving the portion of the commission that the listing broker would have been paid.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
A: Buyer broker agreements have nothing to do with whether you are excluded or not from a listing. It has to do with if you buy a property, any property you owe your broker a commission. Of course read your agreement carefully for exceptions.
Beverley Hourlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
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