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What are your thoughts about this scenario? A buyer calls you about your listing. It is determined that your listing is not the right one for them. In the course of conversation they decide they want to hire you to represent them. However, you lean that they have been already taking to another listing agent and through text made an offer and the listing agent counter offered via text. Nothing has been signed. The listing agent never explained to the buyer that they would be unrepresented in the transaction. They never had them sign any buyer's representation agreement, unrepresented buyer's agreements, and no offers were in writing. The buyer did not even understand that the text offers were no binding and that her saying she wanted an inspection would not necessarily be binding if she didn't make sure the listing agent wrote it in a written offer, if it had went that far. The buyer really wants to purchase the house they have been texting about but they want to make sure they have representation whether they get this house or another one.

what if your buyers agree to pay x amount in exchange for the items on the list at closing? Where is that stated?

it was a little confusing ,maybe need to be divided in two different segment

I think this change could significantly impact the industry in several ways. Buyers having to cover the agent's commission on top of the down payment and closing costs could create a barrier to homeownership, especially for first-time buyers who are already stretched thin. Many buyers might opt to go without an agent altogether, relying more on online resources or even engaging directly with the seller's agent, which could lead to conflicts of interest. At this stage in the game, I feel that wise sellers will still offer a commission to sell their properties. Good brokers and agents add value. And just like attorneys, other professionals can't work pro bono and still feed their families.

Thanks for your videos!

The way the listing agreement is written, section 2.2 is authorizing the listing brokerage to communicate that the seller is willing to pay “up to” a certain amount towards a buyer’s brokerage commission. That’s the way they should communicate it, that it’s an up to amount. The final amount needs to be put into writing, either in the REPC or another written agreement. The seller doesn’t know what every buyer’s agent is authorized to receive via their buyer broker agreement and can’t promise to pay more than is allowed. View this as information to help you and your buyer to craft an offer. The seller has indicated that they are willing to consider paying up to X towards buyer’s commissions but the final amount must be agreed to in writing and yes, this leaves room for negotiation.

No, it's not clear. Are you saying the advertising of buyer brokerage amount in the new listing agreement, is not binding at all? A seller can say up to 2% can be advertised as a buyer brokerage fee the the listing agent. The listing broker tells me it's 2% BAC the seller will pay. I say ok and my buyer sends a full-price offer asking for nothing else but the buyer wants the seller to pay 2% to the buyer brokerage as a Buyer brokerage commission and they can counteroffer that at 1%. I'm hoping you will say yes Tom they would be obligated by the Listing Agreement to pay 2%. If not, where would that fall into Article 12 of the Code of Ethics: Article 12 REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.

When will this form be added to the MLS? I don't see it updated yet.

Great work, Peter! We’ll be presenting this at the Keller Williams team meeting this upcoming Tuesday!

I thought it was a lead generator

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Love these!

Do we have to be a realtor to use it??? Thank you

The confusing part is why a seller needs to consent to what portion the listing agent is sharing with the buyer agent if, 1. the seller is agreeing to the total commission, and 2. it's the listing commission they are choosing to share? Is it really the seller's commission so they get to decide how much of the total commission is being shared? No, it's the listing agent's and their brokerage commission and they are deciding how much they would like to offer a co-brokerage.

You teach agents how to think through the legal consequences of a contract. Having business law classes was invaluable to my career, just as your advice (or information) is.

Man there would be so much less legal ambiguity in Utah if more agents watched these videos!

Ok, so there is some debate as to who legally “owns” the property when it is in a trust, the trust or the trustee. Regardless, the principle is still the same, the trust documents will dictate how to deal with property within the trust.

Hey can I get your email? It's for a business inquiry.

I LOVE FOREWARN! I use it all the time in my Property Management business!

Five years! Thank you both for all the good "legal information"

Peter, good information when considering whether or not to delve into Property Management. It might be interesting to continue the topic on proper handling of leases and commissions when an individual Agent is managing properties within a Residential Sales Brokerage and not a separate Property Management Brokerage. Also, what is dual brokerage and how does an Agent manage properties within a Dual Brokerage yet still conduct Buy/Sell business.

Hillarious!!! Love your humor!!!! Jesus bless you!

Yep, they scammed me into listing the property. Luckily only lost $150 on photos. I feel the best policy to detect fraud is to require some type of fee to be paid upfront by an out of state seller. As I insisted, they stated they would mail a check, but would not provide a picture of said check prior to mailing. I even stated we could take paypal, venmo, or even credit card for the fee. They desperately tried everything to get around the fee, eventually stating their funds were simply tied up and they wanted to cancel the listing agreement.

We can never get enough reminders of the basics. I was tempted just the other day to back fill some dates.

Such solid, simple advice that should be common procedure. But, alas! Not. FANTASTIC content. Thank you!

Peter, I have total podcast and studio envy. Love your new studio there. I do a little show in my home but it pales in comparison to UCAR's. Love it.

Double the EM right? Also, wouldn’t the buyers be responsible for their own legal costs to sue for specific performance? And in doing so spend months and thousands to make this happen? Also if they did get a Liz pendens, what does this really matter to a seller who wants to stay… I mean what’s the end result? Say 2 years later they sell, they need to remove the Liz pendens but how? Offer some settlement to the hurt party and wouldn’t that essentially be like paying back the EM deposit x 2 and meanwhile the buyers can’t have that deposit back if they don’t accept that as full compensation for damages. Seems like sellers actually in reality have a little more freedom to backout in an emergency than we always suggest. 99% of the time it’s not worth the battle.

Gifts with an edge? Yikes! 😬

Love these discussions!

I could listen to your videos all day long, also informative, always straight to the point, clear and concise! I do admire your skillset!

You can't figure it out? Let me help you. You buy a 5lb bag of apples and you get it home to find that they've eaten 5 of them. Guess you are the sucker who paid full price. The store is the winner. It's the same when seller's lie about square footage.

Nice new Crib! ha

This is a great video -- I'm planning to use it in my courses to explain procuring cause further. Thanks!

I love these brief legal " information". I learn a lot and I'm reminded of good things to watch for. Thank you for taking the time to make the videos.

I have a question, does the bill of sale also work with wholesaling houses?

Thank you!

I love naming "trigger day" as zero then the next day is counted as day #1 . That analogy stuck in my head. Easy to understand & not debatable. Thx

When would the ERS cancellation be used? Why would an agent want to cancel an ERS?

Vote for Pedro!

Thank you for the awesome highlights!

Can you discuss ways to make a Contract with VA addendum more solid and attractive. Can we do additional EM to sellers that is somehow non refundable? This is in a contract where no due diligence or appraisal contingency is checked. Cash to cover gap is proven. Just up against the non refundable issue because of the FHA/VA language.

I would like to hear you explain to a pretend buyer a MOCK contract on some contingencies and especially deadlines & how that affects the Earnest money. I like to hear you make it clear as best possible in your opinion. Just a suggestion for another video. Great video to remind us of the 3 things.

Many builders have recently added to contract that prices may rise depending on Material cost rising. I agree the builders have so much uncertainty too. Tough times. Peter, great questions you suggested to ask the model home agent.

What about social media giveaways. Comment below with .... For a chance to win this $25 gift card. Is this sort of giveaway permissable?

Thank you for the clear analysis.

Thanks for clarifying that at some point, both parties have to agree to an ACTUAL price!