How to buy a new house when I still have a contract with agent

[qqq8]

Hi,
I want to buy a new house from Minto, but I am currrently in a contract with a buyer agent. This contract is valid until the end of next month. Minto refuses to pay commission fee to my agent because I went to Minto office without my agent (a few months ago before signing the contract with the agent). I was wondering if there is a way to avoid (or minimize) the penalty that I have to pay to the agent.

Thank you,

 

[TINA_TAM]

The agent will have to go with you to the sales centre on your first visit in order to act as your buying agent between you and Minto to negotiate for your house purchase. Otherwise, the builder would see you as their own clients, since the agent did not technically bring the business to them.

Please check your Buyer Representation Agreement, there is a fine line close to the bottom of the first page states that even after the agency period is past, the agent still entitle to a commission within a certain period (normally 30 to 60 days, called the Holdover Period) if you eventually purchase a home that was first showed to you during the term of the agreement.

Well, if the agent understands your situation, he/she can prepare a form called Cancellation of Buyer Representation Agreement to terminate the agency agreement, then you can go ahead with your new house purchase. However, that's what I would do. Sometimes helping people rewards more than the commission itself.

Best of luck!

Tina

 

[qqq8]

Thank you, Tina.

 

[windmill]

Make a deal with this agent. This deal should be: cancel the contract.

Everything should be negotiatble.

The agent will have to go with you to the sales centre on your first visit in order to act as your buying agent between you and Minto to negotiate for your house purchase. Otherwise, the builder would see you as their own clients, since the agent did not technically bring the business to them.

Please check your Buyer Representation Agreement, there is a fine line close to the bottom of the first page states that even after the agency period is past, the agent still entitle to a commission within a certain period (normally 30 to 60 days, called the Holdover Period) if you eventually purchase a home that was first showed to you during the term of the agreement.

Well, if the agent understands your situation, he/she can prepare a form called Cancellation of Buyer Representation Agreement to terminate the agency agreement, then you can go ahead with your new house purchase. However, that's what I would do. Sometimes helping people rewards more than the commission itself.

Best of luck!

Tina

 

[danon]

Do you have to pay penalty?

I can not understand. You buy a new property that is not through your agent, you still have to pay the agent? My last agent did not ask for the money at all since I eventually bought a new property from minto and I rent apartment from Minto. How do you solve it now?