18. ADDITIONAL INFORMATION These elements are printed in bold on the agreement for a particular reason. They are important! Has. Commissions (fees) are negotiable and are not set by brokers or the National Association of REALTORS®. B. Broker services are provided regardless of race, color, religion, national origin, gender, disability or marital status. (This is the basis of national fair play laws, but REALOR® Code of Ethics also applies sexual orientation to this list.) C. proposes that clients contact qualified professionals in non-real estate fields (e.g.B inspectors, surveyors, engineers, environmental managers and compliance inspectors). D.
Recommends that the client has issued a property summary and title policy for the property, which is important, as it protects the client from claims about legal ownership and/or claims against the property if they occur. E. Applies to housing service contracts (generally known as home warranties). This is an optional purchase, and the buyer should check the scope of coverage, exclusions and restrictions of the various service contracts. F. Broker cannot give legal advice, as they are not lawyers. This agreement is a legally binding contract and, in this case, the client, if he has any legal questions, should consult a lawyer before signing. 11. BROKERAGE FEES This section describes the different aspects of your agent`s commission when you work for you to buy or rent a home.
It includes the actual commission, the source of the commission, how it is earned and when it is payable, additional compensation, how agents are paid if you buy one of the broker`s offers (still the intermediary), the period of protection and the authorization at the opening of the fiduciary service. Since it`s about money, this section is quite long and detailed, as money disputes are the most common point of contention between buyers and agents. The owner`s sales agent won`t tell you that there`s a landfill or jail half a mile from the neighborhood or that the specific schools that are classified in the neighborhood are underperforming (note how they talk about the school district?), or that the neighborhood is struggling to sell homes (and house values are falling). The owner`s agent won`t tell you that the last three buyers who bought the same plan you want paid $30,000 less than the price he or she is showing you now. But I will! Also, the sales agent shows you that the house was initially listed for $100K more than the current list price, so it sounds like a great deal. . . .