Why is my brother asking me to sign this document?
11/03/2015 | Author: Legal Staff
My brother, who’s a real estate broker, asked me to sign a buyer-representation agreement before he helps me find a house. I trust him completely. Why do I need to sign some paper?
The short answer: to protect both of you.
The buyer representation agreement spells out many aspects of a broker-client relationship, including how he will be compensated, your agreement to work exclusively with him, and his agreement to help you find a property and negotiate the deal.
In addition, as a member of the National Association of REALTORS®, your brother is obligated to comply with NAR’s Code of Ethics, which sets strict standards on REALTORS®’ duties to clients and customers, the public, and other REALTORS®. The code requires REALTORS® to assure whenever possible that agreements—like a buyer representation agreement—express the specific obligations of the parties in writing and in clear and understandable language.
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I had a property under contract ($1.8m) , 2 weeks before close, my broker made a deal with my bank behind my back, the bank foreclosed, and sold to my buyer for cheaper (1.6) and a cut for the broker.. never heard from broker again, no answer on emails and calls..
is that ethical? should i file a complaint? fiduciary duties?
thanks for your help
Before I show the first property, I want a preapproval from the financial institution they are using to purchase the property or proof of funds to show they can afford the property from said institution/entity. Then we do the preliminary forms which include the Information About Brokerage Services, Authorization to furnish TILA-RESPA Integrated Disclosures. All of these will be signed and dated upon agreement prior to showing any property. If working with a builder they will be made aware of our agreements to insure my clients (buyers) and all other parties involved in the transaction will be treated and compensated fairly. If the clients(buyers) refuse to sign, I will show them the entrance also becomes the exit.
If he required other buyers to sign a buyers rep agreement but did not require his brother would that not be a violation of fair housing laws by providing different levels of service?
This is very important, my working Partner and I are going through a very hard blow. We trusted the client (buyer) we were waiting I am not sure for what, we trusted the Realtor working for the Developer since we procured the client, showed the property, and have worked continuously with buyer and agent working for Developer. We now find ourselves in a very bad position, buyer as well as Developer and the Agent are not wanting to pay the commission that has been earned by our hard work. Yes, we thought we were working with ethical clients that when the buyer told us to fill out paperwork later, we should have paid attention. I truly think there is some recourse, and we are going to proceed. Would you believe the agent working for developer who was our contact and our continues contact all the way has not stood up for us. Our fault for waiting to sign the buyer Representation.
Why did you not mention TRELA and the strict Fiduciary duties that must be adhered to as well?