Residential Real Estate | Broker’s Agreement
Usually the first step in buying or selling a home is contacting a real estate broker. If you are a buyer, the broker will help you determine your needs and show you potential homes that fit your criteria. A buyer’s broker will usually take a percentage of the seller’s broker’s commission, but there are times when the buyer also will pay commission directly to the broker. Our Boston broker’s agreement lawyers are here to provide you with the legal advice you may need.
If you are a seller, the broker will review your home to help you determine a proper asking price and list the home for sale on the market. A seller’s broker usually asks you to sign a listing/brokerage agreement, which outlines if and how long the broker has exclusivity to sell your property, as well as the broker’s commission and, perhaps most important, when the commission is due. It is important to review this document to ensure that it provides you with sufficient flexibility if the broker does not perform or if a sale falls through due to no fault of your own and the broker alleges that you, nevertheless, owe commission. The listing/brokerage agreement is a binding document; so, it is essential to have an attorney review it to ensure that your rights are protected and that you have ample flexibility to market your home.
If you are thinking about buying or selling a home, contact our Boston broker’s agreement lawyers today at 781-674-2562 to arrange a free consultation.