Hi,

I have a signed a buyers representation agreement that lasts for 1 week with a specific address. The holdover period is 30 days.

I see the following clause:


"The Buyer agrees to pay the Brokerage such commission if the Buyer enters into an agreement within ……………………………days after the expiration of this Agreement (Holdover Period) to purchase or lease any real property shown or introduced to the Buyer from any source whatsoever during the term of this Agreement, provided, however, that if the Buyer enters into a new buyer representation agreement with another registered real estate brokerage after the expiration of this Agreement, the Buyer’s liability to pay commission to the Brokerage shall be reduced by the amount paid to the other brokerage under the new agreement."



Does that mean that only properties shown by the 1st agent - which if I buy using 2nd agent than I am liable (while the holdover period is effective) ?

Or is it open ended clause that applies to any and all properties even the properties not shown to me by the 1st agent - which for example, the 2nd agent shows me ... makes me liable ?

There are lot of discussion thread on this and another forum about signing or not signing buyers representation agreement. There is no replacement of own research and knowledge.

You need a good lawyer first before signing any legal paper.

As far as I understand, it is applicable only for properties shown by first agent and you decide to buy it using second agent during the holdover period.

You can get it clarified with either your first or second agent.

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Do we need a lawyer to even sign the Buyer's agreement ? I was under the impression that lawyer will come into picture once we decide on a house and want to make an offer ?

Quote:

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Originally posted by rahul_singh23

There are lot of discussion thread on this and another forum about signing or not signing buyers representation agreement. There is no replacement of own research and knowledge.

You need a good lawyer first before signing any legal paper.

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Do you really need to sign a Buyer's agreement ?

Please read given link.

http://www.greaterfool.ca/2010/06/27/fiduciary-duty/

0.02$ advice - First arrange your own good lawyer and home inspector before looking even Realtor.

Quote:

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Originally posted by MeagainMe

Do we need a lawyer to even sign the Buyer's agreement ? I was under the impression that lawyer will come into picture once we decide on a house and want to make an offer ?

Quote:

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Originally posted by rahul_singh23

There are lot of discussion thread on this and another forum about signing or not signing buyers representation agreement. There is no replacement of own research and knowledge.

You need a good lawyer first before signing any legal paper.

---

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A agree with Rahul , Get a good lawer first . I have seen 80% of the home buyers who spend more searching for better deal / good reviews etc etc for 1000$ TV then 300000$ house.

First get a good lawyer and good home inspector (not the one recommended by your real estate broker) before you start searching for homes.

Thanks Guys.

But somebody told me that if I have the buyer's agent, he can referr the lawyer, home inspector etc.

how does the payment to a lawyer works ? It's per hour basis when I need or I need to give some down payment as the fee as well, as I assume it may take couple of months to finalize the home ?

thanks