Did I sign away my rights to the new realator commission refund law?

[Mark Svendsen]

Our trustee had me sign to accept sale of our house sale under contract but he added a sentence that I agree to 5% realators commision. I told him about the new realator commision refund law taking affect in Aug 17 in CA. Is what I signed reversable using the 3 day recind law?  I consent to selling the house but not waiving my rights to the new realator commision refunds coming.  Did the trustee break any laws helping the realator and hurting the beneficiary?

[Lina Williams]

I am a Realtor in the area, and you have been misinformed. Every commission agreement between a listing agent and seller is negotiable and the negotiated percentage is determined by the Seller and it is shared buy the listing brokerage and the brokerage that brings the buyer. The only thing that has changed by the new law is the pre-negotiated commission can no longer be listed in the MLS, so now agents that work with buyers will now be required to have clients sign an agreement committing to a certain commission percentage to the buyer whether or not the home that they purchase has a commission offered by the seller. The Buyer's Representation agreement has already been in use in California for many years.

If your Broker said that there will be a 5% commission, they can't give that to you unless you happen to also be an agent. That law is still the same

[Russell Brazil]

Bro, the class action lawsuit is going to give people who file like $13.

The only thing changing post August 17th is 1 sentence being added to that listing agreement that says, probably in bold ...

"Commissions are not set by law and are negotiable." 

That's it.

[Jake Andronico]

Quote from @Mark Svendsen:

Our trustee had me sign to accept sale of our house sale under contract but he added a sentence that I agree to 5% realators commision. I told him about the new realator commision refund law taking affect in Aug 17 in CA. Is what I signed reversable using the 3 day recind law?  I consent to selling the house but not waiving my rights to the new realator commision refunds coming.  Did the trustee break any laws helping the realator and hurting the beneficiary?

Agent here. You DO NOT need an agent to buy or sell property. Never have, never will. 

RE commissions have always been and always will be negotiable. 

It's a service. 

This link should be helpful to understand what's going on and changing on August 17th: 

https://www.nar.realtor/the-facts/nar-settlement-faqs