Home Buying in York>Question Details

Paige, Home Buyer in 17356

Does a business relationship agreement apply to homes for sale by owner?

Asked by Paige, 17356 Sat Nov 17, 2007

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Read your contract with your buyer's agent. In many cases, the answer will be yes. If you signed a buyer's agency contract, read what it says regarding for sale by owner properties. If the FSBO won't compensate the agent, chances are you will be obligated to compensate him/her if you do have a buyer's agency and if it states that the agent is to be paid NO MATTER what the source of the house (MLS listing, or FSBO)
0 votes Thank Flag Link Wed Dec 8, 2010
Read your contract with your buyer's agent. In many cases, the answer will be yes. If you signed a buyer's agency contract, read what it says regarding for sale by owner properties. If the FSBO won't compensate the agent, chances are you will be obligated to compensate him/her if you do have a buyer's agency and if it states that the agent is to be paid NO MATTER what the source of the house (MLS listing, or FSBO)
0 votes Thank Flag Link Wed Dec 8, 2010
I read this as a 'yes' answer. May as well bring your Realtor in. They may not want to deal with a FSBO, but they are your ally in a LEGAL BATTLEFIELD. Most stories about a succesful For Sale By Owner with an unrepresented buyer closing turn out to be detrimental for the buyer.
0 votes Thank Flag Link Mon Dec 6, 2010
If you are buying it directly from the owner, then no. You are not having anyone represent you, so there is no agreement. However, if you already have an agent and you wish to buy the home, more then likely you have already signed something with that agent and you may owe them a commission. They may even be able to talk with the owner and work out a deal, so that you have an agent who can represent you and help you through the process and you would not owe them anything. The seller would pay their commission. If nothing is signed with an agent then you have no relationship agreement with anyone. Hope that helps.
0 votes Thank Flag Link Sat Nov 17, 2007
It depends on how the Business Relationship Agreement reads. If you signed an exclusive Buyer Agency agreement, then most likely it would. The compensation for the Buyer's Agent is what will vary. If you are using a PAR form, look at paragraph 2, section B clause 2.
0 votes Thank Flag Link Sat Nov 17, 2007
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