HOW CAN A LAWYER HELP ME NEGOTIATE AN AGENCY AGREEMENT (OR LISTING CONTRACT) WITH MY REAL ESTATE AGENT?
Both the buyer agency agreement and the seller’s listing contract that your real estate agent may ask you to sign have a significant impact on your rights and should be negotiated or at least reviewed by a lawyer. While the contracts are usually presented to consumers as standard forms, many terms can be negotiated. Real estate agents compete for your business and may often be willing to accept concessions in negotiations (consider that a 1% reduction in commission on the sale of a $100,000.00 home is a $1,000.00 savings). Terms you and your lawyer can negotiate include: a)the duration of the agency agreement or listing contract; b)duties that your agent will owe you (e.g., loyalty, full disclosure and obedience); c)the amount you will pay to your broker; d)the amount that cooperating brokers should be paid; e)disclosure of any referral fees being paid by your broker; f)when the broker’s commission is and is not earned (e.g., earned upon successful closing or when the broker finds a su
Related Questions
- As the listing agent, what are my obligations when I receive the Agency Disclosure Statement from a cooperating agent with an offer?
- HOW CAN A LAWYER HELP ME NEGOTIATE AN AGENCY AGREEMENT (OR LISTING CONTRACT) WITH MY REAL ESTATE AGENT?
- Why would an agent and /or agency choose to give up the listing side of the real estate business?
