Buyers AND Sellers Read Your Agency Agreements BEFORE You Sign Them!

By
Real Estate Broker/Owner with Total Care Realty NCRE# 257455

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.  Please Sign Here!

 

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”

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The Author:

As the Broker-in-Charge, owner and founder of Total Care Realty, LLC, Larry is focused on quality of service. He believes in being on the cutting edge of any product or process that will help market the client’s property or help them find the perfect home. Larry has been consistently recognized as going above and beyond for his clients; he was described as a ‘personal concierge Realtor®’ early on in his Real Estate career. Drawing on his past experience of owning restaurants and working with new technology, innovation is his focus. Larry often says, “we are not afraid to take advantage of new technology as soon as it is available instead of waiting for a corporate office to tell us what we are allowed to do”. This is a benefit of being an independent Real Estate company. As a graduate of The Citadel, instilled in him is the importance of discipline, loyalty, focus, and determination. Marrying those ethics and ideals with the hard driving focus it took to own and manage restaurants for almost twenty years, has given Larry a passion to make sureclient satisfaction is the number one priority. “As your Personal Concierge Realtor® it is our job to help take care of every need of our clients.” Larry Story — Total Care Realty, LLC — 336-327-1841 also at  http://totalcarerealty.net

Copyright© 2010 By Larry Story, All Rights Reserved…

 

 

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 IMPORTANT NOTICE

Mortgage Assistance Relief Services Disclosure

FTC effective January 31, 2011

As a seller you may stop doing business with Total Care Realty at any time.  You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer).  If you reject the offer, you do not have to pay us.  If you accept the offer, our commission will be deducted from the proceeds of the sale their will be no additional fee to you for our services.  Total Care Realty, LLC is not associated with the government, and our service is not approved by the government or your lender.  Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage, you could lose your home and damage your credit rating

 

 "All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental."

 

Comments (6)

Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Haven't seen it at all locally

Feb 14, 2014 01:31 PM
Larry Story
Total Care Realty - Greensboro, NC
Total Care Realty, LLC, Greensboro, NC Real Estate

Tammy,

Just watch your HUD statements closely

 

Feb 14, 2014 01:40 PM
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Good lord! 

Feb 14, 2014 09:02 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

We have many brokerages here who add a " transaction fee" on top of the commission for either buyers or sellers.  I'be seen them up to $495 on a HUD-1.

 

Feb 14, 2014 09:12 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

WOW, just WOW!  I've been tempted to add on a fee for cancellation but, never in ADDITION to the commission.  That's just not fair at all - that truly IS greed!

Feb 15, 2014 08:39 AM
Larry Story
Total Care Realty - Greensboro, NC
Total Care Realty, LLC, Greensboro, NC Real Estate

Thom,

My thoughts exactly

 

Cindy,

It is not exactly common here.

 

Debe,

Yes it was on top of the commission.

 

Feb 15, 2014 10:14 AM

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