From Realtor Magazine Online, Daily Real Estate News December 20, 2007
Buyer’s agent contracts in which buyers make all offers through their buyer representative or pay the representative a commission anyway are popular in some parts of the country like the midwest but have been slow to catch on in others.
Only about 10 percent of California Association of REALTORS® members use buyer loyalty contracts. In one type of contract, if the buyer winds up making an offer within six months on a house that the practitioner showed them (not just drove by but toured the interior), the rep is entitled to the commission.
Most contracts are for a fixed period of time – a weekend if an out-of-state buyer is coming in to look or two weeks if it's someone local. But the obligation to pay the practitioner a commission extends for six months if the home being bought is one seen during the initial showing period.
Some buyer’s agents also charge clients a retainer – $250 is typical – despite the fact that California and other states have stringent and somewhat cumbersome rules governing how the money is handled. The retainer is generally refundable at closing.
Source: The Los Angeles Times, Ann Brenoff (12/16/2007)
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