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How A Real Estate Attorney Can Prevent Problems With Your Brokerage Agreement

Law Blog

Buying a home is one of the most significant purchases that you will make in this lifetime. This purchase is something that you should not take lightly. Unforeseen problems can occur in real estate transactions. For these reasons, you must prepare for anything going wrong. Read on to find out how a real estate attorney can prevent problems with your brokerage Agreement.

What Is A Brokerage Agreement?

Many real estate agents put in a lot of time, work and even money when it comes to selling houses. They must look through listings, go do walkthroughs of properties, do research, pay advertising fees and purchase gifts to attract customers. It is common for agents to want you to sign a brokerage agreement to protect their business.

A real estate brokerage is a contract between the seller or buyer and a real estate agent. This type of agreement comes in a variety of forms. It can apply to either a seller of a house or to someone who wants to buy a house. A brokerage agreement also outlines the responsibilities and duties of each party.

How Does A Lawyer Help?

Some realtors use standard forms for their brokerage agreement. They use standard forms because they feel everything is covered or they can modify it to cover unforeseen circumstances. However, you can run into problems with an incomplete agreement. At this point, you need to hire a real estate attorney.

You must read and look over the details of the contract. Some contacts may have a clause that makes the buyer pay more than one commission or pay commission if the sale does not occur. To avoid this problem, the contract should allow the seller to negotiate without any second parties. A real estate lawyer can explain the contract and get it revised to cover your needs.

Do You Have To Sign A Brokerage Agreement?

It is not a requirement that you sign a brokerage agreement. However, some real estate agents will not work with you without one. On the other hand, you do not have to sign this agreement before meeting the real estate agent. Some real estate agents send the brokerage agreement in their initial email. You do not have to sign this agreement before meeting the agent in person. It is important to choose an agent that will help you find your dream home.  

There are many steps to complete before buying your home. It helps to get support from experts like John M. Ogden in the real estate industry.


12 August 2017