Commission College episode #5 (enforcing buyer broker agreements)

http://www.commissioncollege.com

When you are a buyer's agent you spend a lot of time trying to help your clients find the Perfect Place and you want to make sure you enter into a written buyer's agreement to protect your legal right to a commission. The buyer's exclusive agency agreement must be specific as to what you are doing, and must be signed by both parties to make sure you comply with the statute of frauds, and any other state-specific statutes that might be in effect.

Attorney Steve discusses one Arizona case where the real estate broker failed to sign their copy of the agreement, and the commission, which might have been high five figures or even six figures, was lost due to this minor technical difficulty, showing once again that when the Court look at the real estate versus the home buyer when analyzing the right to a commission, things can often be strictly construed against the agent. So this makes it all the more important that the agent understand the rules and make sure they have taken every precaution to protect their commission.

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