Q: Regarding Real Estate contracts . How does a FSBO respond to a contract with Buyers agent? What
Selling house by owner. Apparent we know little. Paid buyers agent 20% commision but she said she only represents the buyers and asked us to sign a contract to agree we understood. I wAS TOLD later that realtors need to provide info to both parties. ????
A: Real Estate agents (Realtors) usually split their share of the commission 50/50, and the Broker (all agents work for Brokers), might take 50% of the remaining commission (using this as a simple example). An agent taking a 20% commission is OK, so long as it is 20% of the total commissions to be split between the parties (agents and Broker). If the house you are selling has high value, you should have asked for a reduction in commissions to 5%. These days agents are charged with the dual responsibility of representing both parties (you were correct). The Buyer's agent appears to want to relieve herself from responsibility of informing you of certain information, as she should do. She instead wants you to sign a document relieving her of responsibility for the actions of you (and your agent, if you have one). I would consult with a local attorney before signing any more documents
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
