Welcome to “One Date And You Are Married,” a drama behind the scenes that plays out from time to time without buyers or sellers knowing what is going on in the first place. I draw your attention to this, as you have control over whether or not this is happening to you. But to defend yourself and oppose the person who signs the contract and lets you purchase a house, you need to learn and pay attention to the specifics. Keep on training.Do you want to learn more? Visit Fair Cash Deal.
Have you signed in and spent your holidays in open houses?
Did you call in real estate licensees for listing information?
Touring one or more homes with one or more salespersons or brokers?
Did you provide your e-mail address to receive updates of the listing over the Internet?
So you might have “been married” to an investigator without realizing it!
“Incredible?” you say. Yeah but that’s real. If you contact a real estate salesperson or broker who provides you with information about a property or who shows you a property, they can make a claim for payment of a commission even if you buy that property through another agent or even directly through the seller. That’s right, even if you don’t use that agent to purchase the property they showed you or gave you information about, they ‘re entitled to make a commission claim. Essentially you got “married” to that agent after one date, or perhaps just a handshake.
You are, of course, able to use someone you want or none to support you buy a house. Although, if the home you purchase is advertised in a multiple listing program run by REALTOR ® then if you consulted with an agent before you heard about the home or if an agent provided you details regarding the home or showed you the house, the agent will submit a petition for a fee to be charged. They do so by arbitration with REALTOR ® so that might build a scenario that will end in you getting charged over their fee and legal expenses.
“What could that be?” you ask. Blaming it on the Realtor ® Ethics Code. Most real estate licensees are members of a REALTOR ® association and/or an MLS (Multiple Listing Service) run by REALTOR ®. The term REALTOR ® means an immovable property licensee who is a member of NAR, REALTORS ® National Association. Because such they will conform with the REALTOR ® Code of Ethics. That’s not a negative thing, really, except that you would choose to conduct business with a qualified and conscientious real estate contractor who chooses to work under a specific Code of Ethics.
Nevertheless, that same Code of Ethics allows it mandatory for participants to arbitrate ‘company conflicts.’ Article 17 of the National Association of REALTORS® (NAR) Code of Ethics and Arbitration Manual states: ‘In the event of contractual conflicts or particular non-contractual disputes, as specified in Standard of Practice 17-4 between REALTORS® (principals) affiliated with various companies, arising out of these differences;
In coping with conflicts pertaining to real estate contracts, the way of deciding who is entitled to fee is a process named “Procuring Purpose.” Or, in other terms, who began the sequence of continuous events that lead to a productive transaction, i.e., an immovable transaction that closed? “I can understand if an employee that sends I details or offers you a house has the grounds for a compensation lawsuit. They believe like they themselves began the sequence of seamless activities that contributed to a good sale and that they will be paid for that irrespective of whether or not they personally drafted the contract or did something else to receive the payment.”