indemnified the seller<\/a> in order to get the deal done, I want to make 100% sure this is all settled before this agent sees any money at all. If he still has thoughts of raising a stink, he can do so without my money.<\/p>\nWhat I ended up deciding to do is to close this deal tomorrow, as planned, and have escrow hold this other agent’s 0.5% in escrow until he signs the release. If he doesn’t sign within a couple of weeks, I will just have escrow pay my agent the full commission instead.<\/p>\n
I’m not too worried about this situation at this point, but it’s annoying to even have to deal with it. I do like having the power to keep this money in escrow, but honestly, I wish I had the power to withhold all commission related to this deal if I needed to.<\/p>\n
This is important:<\/strong> most people don’t realize that the buyer’s agent<\/em> contract they sign usually specifies that the buyer will be responsible for paying a 3% commission to the buyer’s agent if the seller doesn’t pay it (which they usually do). I do not like this arrangement at all and I will be writing it out of my next contract. I was still going to pay my agent 3%, but I don’t like giving up the right not to under circumstances like an intra-office commission dispute. Another thing people should change about their contracts is the termination clause. My stock contract didn’t allow me to sign on with another agent until three months after I terminated my existing contract. I ended up changing this to 14 days, but I would go even further in retrospect. Probably one week.<\/p>\n","protected":false},"excerpt":{"rendered":"So we’re all set to close tomorrow and the real estate agent who was not retained by the seller apparently thinks he is still owed a commission. Unbelievable. I presented this agent with a release form to sign (just to be safe) in order to get the 0.5% referral fee that my agent was willing […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,7,5,4],"tags":[],"_links":{"self":[{"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/posts\/137"}],"collection":[{"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/comments?post=137"}],"version-history":[{"count":0,"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/posts\/137\/revisions"}],"wp:attachment":[{"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/media?parent=137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/categories?post=137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ahousebythepark.com\/journal\/wp-json\/wp\/v2\/tags?post=137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}