Buyer Broker commission lost!!! - Posted by MJ

Real Estate Investing
1

Posted by Ken (Fl) on May 19, 2005 at 13:56:19:

Who agreed to pay the commission originaly? That is the responsible party who gets sued for breach if it’s in a contract.

Take care,

2

Buyer Broker commission lost!!! - Posted by MJ

Posted by MJ on May 19, 2005 at 12:27:15:

I have been working a deal that finalized just the other day. Today I received a phone call from the representative for the buyer broker (I.E.~transaction coordinator). The TC said that she “accidently” signed off on Title and forgot to see if the agent she is working for had their commission included. I told my client that has already received his money from the deal that just closed about the mistake. My client is not willing to pay the buyers agent because the deal is done. I don’t know what to do. Originally the buyers agent was supposed to get paid 3%…but the closing contracts didn’t include that and it was signed off on. Does anyone know legally who is responsible and what I should do?

Thanks

MJ

3

Re: Buyer Broker commission lost!!! - Posted by cathleen(tx)

Posted by cathleen(tx) on May 20, 2005 at 07:19:47:

Before closing a HUD settlement statement is sent by the title company indicating who gets paid for what- the agents that are expecting to get paid for the transaction should have submitted a Disbersement notification to the title company prior to closing for the amount of their commission ( that was agreed to by the seller at the time of listing the property) it is the agents responsibility - if they feel that they didnt get their Commission Disbursement- to seek restitution. Probably through the title co. unless the entire commission was paid to the Sellers agent- then the two real estate companies would have to figure it out between themselves.

4

Re: Buyer Broker commission lost!!! - Posted by Don Dion

Posted by Don Dion on May 19, 2005 at 18:26:22:

  1. If there was a listing agreement in writing signed by the seller then he is in breach of contract.
  2. If it closed thru a title company then the realtor should request the money from the title company since they are insurance company and then they will go after the seller for the cash.