Legal Question in Real Estate Law in Missouri
Realtor ''Buyer's'' Fee
A single friend (female) wanted to see a property that was for sale and the realtor said that before she answered any questions or showed the property she had to sign certain forms. My friend is not very knowledgeable in this area, so she signed the form which said she MUST pay $275 to the realtor as her ''Buyer's Agent''. She had originally asked to speak to the listing agent and this other agent said she was not available but that she could help her. I really feel my friend is being taken advantage of. She did make an offer on the property and really wants it, but she needs every penny she has and really can't afford unnecessary charges. Can she get out of having to pay this ''Buyer's Agent fee''?
1 Answer from Attorneys
Re: Realtor ''Buyer's'' Fee
Your friend may have inadvertantly signed the buyers agent agreement. It is extremely important for your friend to have someone outside the transaction, friend, family, or even attorney reveiw ALL documents before they are signed. It is already late in the game, but a document review by an attorney would be wise, and would not be that expensive compared to cost of fixing any problems after the fact.
As far as the buyer's agent fee, this sounds suspicious, as any agent involved in a sale usually takes a share of the commission. The seller usually pays this from the proceeds, but it can be negotiated that the parties split the commission. Unfortunately, it will cost well beyond $275 to determine if the agent has committed fraud or violated any ethical practices.
If your friend has any more questions please have them contact me or another attorney a.s.a.p.
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