How to secure your fee from an unrepresented seller

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07/25/2016 | Author: TAR legal staff

I represent a buyer who wants to purchase a home that is for-sale-by-owner. The owner tells me he will pay me a fee if he signs a contract with my buyer and that contract closes. Is there a form I can use to secure my fee?

You could use the Registration Agreement Between Broker and Owner (TAR 2401), available exclusively to Texas REALTORS®. This form allows you to register your buyer to cover the purchase of the owner's property during an agreed time period. It also contains language to provide that the owner will pay your negotiated fee should your buyer purchase the property. The agreement doesn't allow you to list the property for sale or require the owner to pay you a fee should the owner sell the property to someone else. This form could be used in situations where the broker is representing a buyer interested in farm and ranch or commercial property that is for-sale-by-owner. It is not intended to take the place of a buyer's representation agreement between a broker and his buyer client.

Categories: Forms, Legal, Buyers
Tags: legal, legal faq, buyers, contracts, buying, forms, for sale by owner


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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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