Buyers Agreement: Real Estate

[peiyi]

What is the name of your state: Ontario, Canada

I have bought a house on Private Sale from Owner last November in Ontario, Canada. Earlier to this I was working with a Real Estate Agent who had me sign the buyers agreement. The agent did not informed me of the legal implications associated with the agreement and had me sign it in liue of placing an offer on another house.

An year after the purchase he has somehow found out that I purchased a house on a private sale and he is now asking 2.5% commission on the sale price. Also the house is co-owned by my father and myself, although its only me who signed the buyers agreement.

Can somebody please help me with following questions:
1) Since this was a Private sale from the seller, is the agent entitled to any commission?
2) It is co-owned by me and my dad but only I signed the buyers agreement. Does it provide any protection to us?

Also if someone can please point out what options do we have to take care of our interest.

Thanks in advance and any help would be very much appreciated.

Regards,

 

[TheGeekess]

What is the name of your state: Ontario, Canada

I have bought a house on Private Sale from Owner last November in Ontario, Canada. Earlier to this I was working with a Real Estate Agent who had me sign the buyers agreement. The agent did not informed me of the legal implications associated with the agreement and had me sign it in liue of placing an offer on another house.

An year after the purchase he has somehow found out that I purchased a house on a private sale and he is now asking 2.5% commission on the sale price. Also the house is co-owned by my father and myself, although its only me who signed the buyers agreement.

Can somebody please help me with following questions:
1) Since this was a Private sale from the seller, is the agent entitled to any commission?
2) It is co-owned by me and my dad but only I signed the buyers agreement. Does it provide any protection to us?

Also if someone can please point out what options do we have to take care of our interest.

Thanks in advance and any help would be very much appreciated.

Regards,

US Law ONLY.

 

[peiyi]

US Law ONLY.

Wold appreciate any general advice ....

 

[TheGeekess]

Wold appreciate any general advice ....

Laws differ from state to state and country to country.

 

[latigo]

What is the name of your state: Ontario, Canada

I have bought a house on Private Sale from Owner last November in Ontario, Canada. Earlier to this I was working with a Real Estate Agent who had me sign the buyers agreement. The agent did not informed me of the legal implications associated with the agreement and had me sign it in liue of placing an offer on another house.

An year after the purchase he has somehow found out that I purchased a house on a private sale and he is now asking 2.5% commission on the sale price. Also the house is co-owned by my father and myself, although its only me who signed the buyers agreement.

Can somebody please help me with following questions:
1) Since this was a Private sale from the seller, is the agent entitled to any commission?
2) It is co-owned by me and my dad but only I signed the buyers agreement. Does it provide any protection to us?

Also if someone can please point out what options do we have to take care of our interest.

Thanks in advance and any help would be very much appreciated.

Regards,

Apparently what you signed when you engaged the realtor is called a “Buyer Brokerage Agreement”, or a ”Brokerage Buyer Agreement”, or an “Exclusive Buyer Brokerage Agreement”. Essentially one and the same and in common use in both in Canada and the United States.

And you aren’t going to weasel out of paying the agreed commission by claiming that although you initialed the following standard stipulation, you neither read nor had it explained to you.

“Brokerage Fee:

The Buyer will pay the Brokerage as Remuneration: ______________________________________________
___________________________________________________________________________________________ (plus GST);
__________ Buyer’s initials
(a) if, during the term of this Agreement, a legally enforceable purchase contract from whatever source obtained is entered into between the Buyer and a seller (other than a seller or a property that has been specifically excluded in writing from this Agreement) and the purchase is completed or the Buyer without legal justification fails to complete the purchase;

 

[PaulaAbdul]

Update

peiyi

What happened with your situation? I am having a similar problem and would like to know.

 

[TheGeekess]

peiyi

What happened with your situation? I am having a similar problem and would like to know.

Stop necroposting.

 

[HomeGuru]

Crazy Paula.