In fact, in most brokerage firms, they have a little deal they make with you... "Turn in a full file with all the broker required dislosures, and we will turn your check in to you"
I think that you are probably dealing with a good agent that is more of "Hand-Shake" kind of agent, and probably only asked for the disclosure to complete their real estate file for their office.
Probably nothing at all to worry about, or even take too much offense to.. Really, at the stage where you are at in the transaction, the document is really not very important anyway.. The other agent has already agreed to pay your agent, and you are set to close...
I think it's just as simple as that. We've all been there! ;)
It is not REQUIRED, but the law presumes that the agent represents the Seller unless you have a written agreement with the agent to represent your interests. Here's why you might want to do that: http://www.trulia.com/blog/ellen_doc_stephens_realtors/2010/
When an agent represents you, he or she must place your interests first, even before his or her own. Your agent's job is not to SELL you a house, but to help you find exactly what you want,and then, negotiate the best possible price and terms, and manage all the nettlesome details that lead to a smooth closing.
Happily for you, the Seller's agent pays your agent for bringing a Buyer. Some agents think that they can represent both the Buyer and Seller - that's impossible. You have to stand with either the Earps or the Clantons at the OK Corral - you can't take both sides in a gun fight or a negotiation. The same agent can manage the transaction with both Buyer and Seller, but if they have a listing agreement with the seller, the Seller is the one who is represented and the Buyer is merely a Customer, not a client, and has no fiduciary protection.
So, if you are Buying a home, you might consider the benefits of having a pro on your side of this major financial transaction. It doesn't cost you anything extra and might save you thousands and prevent costly problems. We do this every day.
Doc Stephens, REALTOR
Keller Williams Realty
Congratulations on your soon-to-be new home. As far as the BRA goes, it is not a requirement in the state of Texas. Your agent should be compensated by the selling broker. If for some reason the selling broker is not providing compensation (rare, but it can happen), then your agent waited way to long to bring this to your attention. The "Agreement between brokers" is a part of the real estate contract as it was submitted, and if there was an issue with that portion of the contract, that would have been indicated immediately and your agent would have known before the contract was ever finalized.
Once again, congratulations on your new home and welcome to Texas.
Buyer's Rep Agreement isn't required but it is recommended. My guess is that your agent's brokerage requires BRA but I find it odd that your agent waited two days before you close to have you sign one. Maybe with it being a foreclosure your agent wasn't going to get the full 3% but that still isn't right. There are some foreclosures and short sales where the buyer's commission is less than 3% but if that was the case your agent should of made that clear from the beginning.
For me personally I don't require for a BRA to be sign, nor do I require the buyer to pay me the difference if I don't get the full 3%.
Tamika A. Goree
Good idea for both parties in my opinion.
I probably would not want to sign one two days before closing though.
Probably not a big deal that you crossed out the line you did.
Depends on the agent and brokerage I guess, but it would be pretty rare they would look to the buyer for commission, even though the BRA states this. There are situations, perhaps if you are buying a FSBO for example.
Giving it to you two days before closing is a little weird in my opinion.
Good luck....hope it all goes smooth from here.
If he helped you find the property, shouldn't he get the chance to finish the deal and get compensated for it.
Jose Luis Novelo
Thank you for your replies.
I'm glad to find out that the "Buyer Representation Agreement" is not required in Texas. I've purchased 6 properties in California over the past 35 years always by contacting the selling realtor direct. I've never had a buyer agent represent me. I've negotiated my own deals with what I believe pretty good success. No buyer agent trying to talk me into the deal. I'm currently scheduled to close escrow on a home in Texas in a few days. I used a realtor that was referred to me to help me find the home in Texas via the internet. Cash deal - No loans. I've funded escrow. Now all of a sudden the realtor wants me to sigh a "Buyer Representation Agreement" that would require me to pay 3% commission to my realtor if my realtor doesn't get the commission from the seller's broker. The sales contract is already signed and all conditions have been met. My feeling is that it's a bit late in the game to bring up the BRA.
Lynn, suffice to say I wouldn't be able to work with you..........reminds me of a realtor I met in California about 6 years ago that told me she wouldn't accept any listing that hadn't been freshly painted and completely repipped with copper piping.........oh, .how times have changed.