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Answers (8)
- Erika Phelan- Buyers Agent, "Orlando Buyers Agent"
- Contributions:103
Most buyer agency contracts have a protection period for properties that were shown or negotiated.
However if you continued to work with your agent even after the expiration, you could have an "implied" relationship, where you could be liable.
Your best bet is to send them a letter cutting off the relationship...besides a 1 year exclusive is "way too long"...most buyer agency agreements are a few months long.
Erika in Orlando
However if you continued to work with your agent even after the expiration, you could have an "implied" relationship, where you could be liable.
Your best bet is to send them a letter cutting off the relationship...besides a 1 year exclusive is "way too long"...most buyer agency agreements are a few months long.
Erika in Orlando
- Trevor McArthur, "Trevor McArthur"
- Contributions:14
I don't know the law in your state, and my company does not use exclusive contracts for buyers, but I would look in your contract, and I would guess that there isn't a continuing duty to work with them except on houses they've shown you. That's the rule on our contract with sellers-- after the listing expires they can sell it to whoever they want BUT if they sell it to a buyer I started working with during the listing period I can claim a commission. So if you never talked with them about this FSBO (or dissuaded you from pursuing it) they shouldn't have a claim.
Also, ask another real estate company. Find out if these contracts are even standard practice in your area.
Also, ask another real estate company. Find out if these contracts are even standard practice in your area.
- broker_GRI
- Contributions:3454
MMSP,
It really depends on what your contract states.
A real estate attorney or local real estate agent can answer best.
If you have found another home to purchase FSBO then having an agent/ re attorney is still a really good idea.
If your agent was doing a good job for you, perhaps allowing them to represent you would be a great way to give thanks.
If not...maybe you want to find another agent or real estate attorney, just bring your old buyer agreement with you for review.
- SoCal_Engr
- Contributions:5666
Is your agent asking you to sign another agency contract, or are they providing you a list of houses that they showed you. In some EBAs I have seen, this is a measure taken by the REA to identify which houses you have seen and are, under the EBA which you were working under, required to compensate them for if you buy within a specified period of the EBA's expiration.
- ProfessorBaron
- Contributions:303
Shouldn't be an issue if the contract has expired (unless he/she showed you a house while the contract was live, and it was a listed house - so that isn't the case you note since a FSBO). Might want to hire your agent to help with the paperwork and pay them a few thousand dollars. Probably be worth your $$ to do it right and help protect you in the process - as long as they've done a good job so far.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2733
MMSP, I am not an attorney, so I can't really give you legal advice, however, if your contract expired, unless there is some fine print to the contrary, I believe you are free to do whatever you want.
Go ahead and buy that fsbo!
Good luck!
ps a one year contract? wow..........I don't work with buyer contracts, but I think 1 year is excessive, unless there is an out clause for you.
Go ahead and buy that fsbo!
Good luck!
ps a one year contract? wow..........I don't work with buyer contracts, but I think 1 year is excessive, unless there is an out clause for you.
- Joan Braunschweiger, "Morris County NJ"
- Contributions:1543
Honestly, I am not real familiar with a buyer agency contract since we don't use them in my office but this doesn't sound right to me.
I know that some contracts will have a provision stating that if you purchase a home that was shown by your former agent, within a set amount of time, that agent would be owed some compensation but a one year contract to prevent you from purchasing through another agent or other???
Unless you are planning on purchasing a house that was shown to you by this agent, you have every right to use another agent or make a purchase of any home you chose without fear of legal action.
I don't understand what it is that your former agent wants you to sign but obviously no one can force you to sign it. It frankly sounds ludicrous.
Am I missing something here?
I know that some contracts will have a provision stating that if you purchase a home that was shown by your former agent, within a set amount of time, that agent would be owed some compensation but a one year contract to prevent you from purchasing through another agent or other???
Unless you are planning on purchasing a house that was shown to you by this agent, you have every right to use another agent or make a purchase of any home you chose without fear of legal action.
I don't understand what it is that your former agent wants you to sign but obviously no one can force you to sign it. It frankly sounds ludicrous.
Am I missing something here?
- Michael Emery, "MikeEmery"
- Contributions:7298
You would need to read the language of the contract.
If your agent showed you a home that you later bought without their assistance, there could be an argument for procuring cause. But depending on the language (and the law) procuring cause is not an indefinite period of time. And in some instances if the agent has not identified the specific properties that they showed you (in writing) within x number of days of the termination of the contract, they can't collect a fee from you if you purchase that home.
If you feel your agent is pressuring you into signing a contract, and you feel they are being less than honest, don't sign the contract. Once you are under contract (again) you could be liable for their commission if you purchase a home without their assistance.
As with any legal contract, if you feel you are being pressured to sign, just walk away.
If your agent showed you a home that you later bought without their assistance, there could be an argument for procuring cause. But depending on the language (and the law) procuring cause is not an indefinite period of time. And in some instances if the agent has not identified the specific properties that they showed you (in writing) within x number of days of the termination of the contract, they can't collect a fee from you if you purchase that home.
If you feel your agent is pressuring you into signing a contract, and you feel they are being less than honest, don't sign the contract. Once you are under contract (again) you could be liable for their commission if you purchase a home without their assistance.
As with any legal contract, if you feel you are being pressured to sign, just walk away.
Is there any legal action my agent can hold against me if I purchase a hm "FSBO" that I found?
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