Buyers and Sellers Read Your Agency Agreements BEFORE You Sign Them!
In a growing trend we have seen more and more in Greensboro, NC agents are adding in fees to the agency agreements. On both sides Buyer and Listing agreements we have seen additional fees tacked on for the firms. Some agents have mistakenly sent us the wrong documents giving us a look. Sometimes these documents have been their buyer agreements. I have seen a buyer’s agreement where the buyer has blindly signed the agreement which has obvious typos stating that the firm is to be paid a commission double of what was in the MLS. In other words the amount put in was the full commission for both the buyer and seller’s side. Then on top of that though is also an additional fee of $200 to $300 added on. So do you think the buyer even read the agreement? They obviously did not question the what was in the agreement.
Now at Total Care Realty we do not pile on fees on our agents or our clients. In my mind greed can be a terrible thing. No I do not fault someone for trying to make as much money as possible it is just not our policy at Total Care Realty. Now with every listing agreement the listing agent/firm pre negotiate the commission that will be paid at closing for both the Buyer’s agent and the Listing agent. However, the “Buyer’s Agency Agreement” stipulates what the firms fee will be. It can be a percentage of the purchase price, or a flat fee. Now in these cases it is BOTH! So please read what you are given to sign and for goodness sake do not be afraid to question anything you do not understand.
“To ask a question is to seek knowledge and therefore wisdom, to seek neither is to stumble blindly forward”