Buyer's Agent Agreement

[moiwl]

Thanks Liz. Appreciate you sharing your opinion and knowledge here.

Hi Moiwl

1 Factsheet
I agree with the others that the OFT agreement they have supplied you applies to sellers but it is just a fact sheet and asking you to sign it should only be an acknowledgement that you have been given the information. I?m wondering why they aren?t giving you the buyer?s agent version that Jacqui mentioned?

There is none for the buyer. So I told them if there is none for the buyer, then don't present me something irrelevant i.e for the seller.

2 Upfront fee
I agree that the upfront fee is way too high. The upfront is to ensure clients are serious and not just tyre kickers, but the agent should have to earn the bulk of the fee by finding you the property you want and successfully acquiring it for you.

Isn't 20% i.e $2000 non-refundable retainer fees reflect seriousness of client? to be honest at one point in time, I didn't mind paying them $10k upfront, but as I said, lack of refund clause put me off.

3 Exchanging and bidding
If it would make you feel safer, I?d suggest note in your agreement that they can only sign a contract or bid at auction with your written authority specifying the price.

They discussed same thing over the phone but shied away putting in writing.