Viewing Answers 1 - 10 of 10
A buyers agreement is only good for a specific time. I strongly suggest you read the part on the commission due to your agent. Do your homework in getting qualified and being able to fulfill all requirements.
Yes, the agreement covers you when you purchase a lot to build on.
The Realtor does not have to attend all of the meetings associated with your build (i.e., choosing tile, countertops, paint colors, etc.) However, your agent definitely should be with you when your are signing any sort of contract or change to the contract. A Realtor's experience can help you avoid possible "double talk" or "legalese" problems.
The agent can sell you the land without the build. However some builders will take full advantage of you if you are not represented. Having a qualified agent there to protect you is your safest bet. Most builders will pay the agent commission.
The best thing to do is have an open discussion with the agent. It sounds like she was your listing agent as well as your agent to assist with buying. You should definitely check the expiration date on the buyers rep form.
Judy St . Julien
First of all I would like to know if the Listing Agent for the Selling of your home and the Buyers Agent are one in the same? If so if you buy a Lot that is a Sale and the Owner of the lot would be paying the commission not you. If the lot is For Sale By Owner then you would have to pay the commission as per your Agreement. You will never be "Stuck" with any Bill if the transaction does not come to fruition and close and fund. The Builder should be the one to pay her a Commission on the Home itself which would have to be agreed upon upfront. Did the Agent recommend the Custom Builder? There are many forms in the State of Texas (which I can only speak for) such as an Amendment to Buyers Agreement with specific Special Provision verbiage and also a Termination of Buyers Agreement. As the Agent below suggested I would reach out to your Agent and just be upfront with them and come up with some solution that would be amenable to all parties. The Agent has shown you homes and has done their part so far so I am not suggesting that you cut them out but just renegotiate your Agreement before you do anything,
Buyers Representation Agreement has an expiration date. To extend, you will have to sign a new one. On the other hand, if you no longer need her services or want a different agent with different skills... just ask to cancel the agreement. There is a form for that and the agent should provide you the form to sign...just ask.
Judy St . Julien
First question to you is the Agent that Listed and Sold your home one in the same as the Buyer's Agent? Secondly if the Agent diligently showed you homes you do not want to entirely cut them off but buying a lot is a purchase and should satisfy the Buyer Representation Agreement. Did they recommend the builder to you? If so it would be the Builder paying a commission to them not you. Also you may Amend the Buyers' Agreement as there is a form for that at least in Texas there is. There is also a Termination of Buyers Agreement. I know that you want to be fair to the Agent so I suggest as the other Agent that answered below that you just come out and be honest with the Agent and work something out that is amenable to both parties. If the Lot is Listed it would be the Seller paying not the Buyer just as you did when you Sold your home. If the lot is a Sale by Owner that may be a totally different scenario. The Agent would have to negotiate the commission with the Seller or the Obligation would be yours for the Lot. I do not believe that if you chose a Custom Builder on your own that you would be under any Obligation. And thirdly if the Building of the custom home does not happen you are under no obligation anyway as nothing closed and funded.
Yes, the agreement says the Agent/Broker is your representation in that transaction.
That is probably a legal question. However, the first thing you may want to do is talk to your agent about your concerns before you get too far into the situattion. You can clarify your intent in your agreement. Make sure everyone is clear before moving forward.