First-Time Home Buyer
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago,
Buyer Rep Agreement - Liable for Commission?
Hi everyone! My relator sent me a Buyer Representation Agreement to sign. However, the below bolded section seems to me that I would be liable in the event seller did not pay commission? Is this standard? Should I ask for an addendum clarifying I am not liable if seller does not pay commission in the event of a sale?
This is my first time buying a home. Thank you for the guidance!
Client and Broker agree to the following Terms and Conditions:
1.Earned and Payable; Commission; For purposes of Section 4 - Commission set forth opposite this page, Broker's commission is deemed earned when: (1) Client enters into a contract to buy or lease property in the Market Area; or (2) Client breaches this Agreement. Broker's commission is payable, either during the Term or after it ends, upon the earlier of: (1) the closing of the transaction to acquire the property; (2) Client's breach of a contract to buy or lease a property in the Market Area; or (3)Client's breach of this Agreement. If Client acquires more than one property under this Agreement, Broker's commissions for each property acquired are earned as each property is acquired and are payable at the closing of each acquisition. Broker will first seek to obtain payment of the Commission first from the seller, landlord or their agents but in the event such persons refuse or fail to pay the Commission to Broker, Client agrees to pay Broker the Commission less any amounts broker receives from such persons.