If yes, what is a customary fee? I heard a lot about realtor fee’s and need to know about this question, before I get started.
No, in CA the realtor only gets their fee at after they close a sale, never before.
However, if you start a contract with one agent you can not switch. This one would be entitled to their commission still, and will get it. You would pay a second one out of pocket if you were to involve another agent.
Also keep in mind that your contract isn’t really with the agent, they work for a broker, the real holder of the contract.
If at any time you are not happy with your agent you can request he replace them with a different agent. You agreement is not effected in any way.
January 25th, 2010 at 4:34 am
Almost any contract for anything will stipulate penalties for cancelling. Once you sign, you are committed. For certain types of contracts (purchases) you might be eligible for a 3-day (72-hour) "cooling off period" where a contract or purchase can be cancelled without penalty, but even if eligible for such a provision in law, once that period expires, you pay.
READ & UNDERSTAND your contract before you sign it.
First-time homebuyers have no special waivers when it comes to signing a contract. No excuses. Be sure you know what you are doing before you do it.
References :
January 25th, 2010 at 4:48 am
Hi
Any fees that you have agreed to pay, must be written in your contract. If you are unsure, call the Department of Real Estate and the agents broker. I am a Ca. Realtor and if my client backs out, oh well on me!. I have never charged a buyer. But if you were in escrow and backed out, you may lose your deposit. It really has nothing to do with being a first time buyer. Read your contract again.
Good Luck
References :
January 25th, 2010 at 5:29 am
Depending on how far the transaction is gone, you can possibly owe the agent their entire commission.
Read your contract.
References :
January 25th, 2010 at 5:38 am
No, in CA the realtor only gets their fee at after they close a sale, never before.
However, if you start a contract with one agent you can not switch. This one would be entitled to their commission still, and will get it. You would pay a second one out of pocket if you were to involve another agent.
Also keep in mind that your contract isn’t really with the agent, they work for a broker, the real holder of the contract.
If at any time you are not happy with your agent you can request he replace them with a different agent. You agreement is not effected in any way.
References :