blimey

this thread is overlapping with the buyer-agent thread also active in this forum - one of the realtors has posted a (sort of) response to your question.

maybe he/she was hedging their bets that it wouldn't be accepted and that you would be hooked for another 6 weeks. You can get out of the contract, but as to why it needed to be that long in the first place is a good question.

as the realtors on here have said themselves - if they're worth their salt it's a non-issue and they ought to give you their best in professionalism regardless.

Zap0ne

Obviously I do not know all the circumstances but Wouldn't you want the agent and brokerage to be held to the agreement whilst the property is closing? This is protecting you and your interests. What if something had come up during the closing period? Your agent would need to be working for you to resolve any situation, renegotiation, waivers, trust accounts etc.. till the job is done. Quiet often there are communications etc. between the Realtors, lawyers etc. that happens to ensure that the closing goes to plan (very often these things come up in the eleventh hour). There is a lot of behind the scenery stuff that comes up so that everything does to plan.

You can make it for the day if you want or even specific to the properties but, I am not sure that you could have closed the property in a week that may be a little bit too aggressive.

Was it a problem? Once again the Agreement can be terminated.

The Agreement is put together with the intent of protection, both Buyer and Agentcy. I was like everone else when I first came to buy here. I always pushed back when it came to these agreements until I learnt what it was doing for me, as a Buyer, when getting my licence. Unlike the UK when you just have to 'trust them' here it is spelled out in a writen contract. My experience in the uk is that a couple of phone calls from the agent and they done (what a life ay!).

Always ask the questions of the Realtor. Pay particular interest in anything that is not pre-printed in the document and ask questions. Ask for an explanation always as they do know this stuff inside out and will gladly spend the time. The duty is to protect your interest and you should make sure that this is happening and allow the agent the opportunity to explain this. I do not know a Realtor that would not take the opportunity.

MB-Realtor

I disagree with you ZapOne, Ive yet to see a Buyers Contract that gives the buyer any additional protection than the standard Agent/Client relationship which is formed in the normal course of business and does not require a written contract.

Here in Manitoba we have a leaflet given to every client or customer that outlines the types of Agency relationships, the client does sign this, but merely to acknowledge receipt and to agree the type of agency relationship. It does not constitute a contract, it is designed to assist in clarifying the role and nature of our services to a client or customer.

Buyers Contracts only benefit the Agent.

club_biscuit

The above and your statement in another thread that something was 100% correct leaves me a bit concerned, I must say.

There aren't many things in the world, let alone in law, that are 100% or all-or-nothing (death and taxes come to mind) and that likely includes buyers contracts as well.

The right answer is usually "it depends" and tends to be given by those with experience and reflection, although admittedly these answers are more difficult and less likely to "sell" or sway a potential buyer as will the "100%" appearance. honesty is important too, even when it's difficult.

MB-Realtor

the 100% correct referred to the quote above it, meaning that I agreed with what the poster said.

daft batty

We offered and closed within 2 weeks. The contract was outlined to us as a document that said if the house purchase fell through we couldnt use another realtor to buy another house for 6 weeks. If we did we would have to pay the original realtor the fees he would have had had he bought the house for us. It wasnt explained that we could break the contract at anytime. If thats the case then why did we need it?

I dont recall anything in it that would benefit us, but then we didnt and still dont understand the system.

Zap0ne

Like you I am confused why they want 6 weeks. I would not have entertained this (either as a Buyer or an Agent) seeing as you were after a quick closing. Seems a bit of overkill for sure. I do get an agreement signed by clients in order to transact the deal (when they want to make a deal) so that everyone is aware of who is working for whom and in what capacity, but that is all. Again it can be written specifically for the property that you are interested in and does not have to be overly broad. Perhaps there was some insecurity on the part of the broker that has made them overly cautious. Perhaps a previous client relationship gone bad.

Why do you need it? You do not really need it. You could have agreed to just be a customer or entered into a Customer Service Agreement. The real question here is do you want it?

The document itself does not explicitly outline what the benefit is. It mainly outlines the commission agreement, which is not the main point of the contract. Again it is tied up in agency law and you are entering into an agency contract. It is all very long winded as there is so much about agency and contract law and we may need to get something on the Wiki about this, as it is very important. As a very simple example; one of the duties owed to you is loyalty under an agency agreement, which as a customer not bound by agency is not. How this could apply is that the agent could be representing you, and a client under a Buyer Agency Agreement for the same property. The agent would have duties owed to represent the client’s interests with loyalty, confidentiality, full disclosure etc. Which would not be extended to you as just a customer. You might be at a disadvantage here.

If things were to go sideways, you might want a knowledgeable agent working for you and your interests under contract. As a customer the agent maybe inclined to say adios!

I am in agreement with MB_Realtor in that I would not want a client held to any agreement that they did not benefit from. Reputation is worth far more then any commission cheque.

daft batty

Whats even odder is that we tried to buy 2 other houses where the deal fell through, and at each offer he made out a new contract, always for 6 weeks. The second and third houses would have been within the 6 weeks from the first house. If you see what I mean

MB-Realtor

One of the problems with being in Real Estate is you develop a real fetish for forms.

Preferably of the C.Y.A., type, as you are always being told about your liability (and in all honesty its pretty big here, both money and prison time) when you open your mouth or commit anything to paper.

(I know your thinking whats C.Y.A? . . . . . its "Cover Your A**)

Also some clients don't always play fair, and once they've been burned a few times, some agents begin to resort to more and more paper to protect them from those burns.

If you don't like something your Agent is asking you to sign, talk to them about it, you may well be able to reassure them that you are not going to screw them, so the form is not required, or at the very least limit/cross out the obligation you don't like.

daft batty

Theres a lot of CYA medicine too here, so I am familiar with the term!

We'll choose a different realtor next time