Q: Does buyer need to pay commission after closing if there is a signed agreement that agent contributed closing costs?
My real estate agent is trying to make me pay commission in installments after closing after contributing their commission towards my closing costs. There is a signed agreement saying that it was contributed towards closing. Do I need to pay them the commission costs?
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A: None of us can say for sure without seeing the agreement you signed. This will require you to consult with a local attorney in person so she can review your documents and advise you of your rights and obligations under that agreement. If you need a local attorney, start your search here: https://www.justia.com/lawyers
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A: This is an interesting situation. If there is no signed agreement or written communications in emails or texts that show you agreed to repay the commission that they contributed towards closing costs, then the agent is going to have a hard time proving that you agreed to repay the commission. Also, if the agent contributed commission to the closing costs and wants you to repay them, that is technically an undisclosed loan that helped you finance the purchase of the property. If you financed the purchase with a standard mortgage too then the agreement the agent is proposing is mortgage loan fraud because it is an undisclosed loan.
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