How to secure your fee from a FSBO
06/19/2015 | Author: Editorial Staff
I represent a buyer interested in purchasing a property that is not listed with a broker. The buyer wants me to approach the seller and make an offer. He also wants me to seek my compensation from the seller. How can I secure payment of my commission?
Look at TAR 2401 Registration Agreement Between Broker and Owner. This form allows a broker to register the buyer with the seller, and if the buyer purchases the property, the seller will pay the broker. If the seller refuses to enter into an agreement under TAR 2401 (or a similar agreement), the broker should inform the buyer and seek further instructions. It may become necessary for the buyer to pay the broker directly, but seek certain concessions for the buyer in the contract.
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