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Utah Association of Realtors
4 days ago
UAR Vice President Stephanie Taylor recently went on Studio 5 to discuss the recent real estate changes and explain how using a REALTOR® will help consumers navigate the new complexities. National Association of REALTORS® Studio 5 Brooke Walker #studio5 ... See MoreSee Less
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Also, the agreement signed by the buyer will explain agency and the Realtor’s fiduciary duty to represent the buyer honestly and to watch out for the buyer’s interests. The payment is part of the agreement but there is more to the agreement than just the compensation. There are disclosures to the buyer as well. All of these things benefit the buyer by having their own advocate and advisor.
Great job. The best explanation I've seen so far.
Nice work Stephanie! Of course the real star of the show was Adam Kirkham! Wow! Does he know how to work a cameo???
Am I understanding this correctly- that a buyer would have to sign a contract with a realtor before even looking at a home? Or is it only the seller that would need to sign a contract? I’m not sure about signing a contract as a buyer before even seeing a home… wouldn’t it be better for the buyer to find a potential home satisfactory to what they want before locking into a contract with a realtor? Once you lock in, it could still take a long time to find the right home- & what if a buyer wants to go with a different realtor if they aren’t finding much? Or maybe I’m understanding this wrong… does this only apply to the seller?
5 minutes to explain such a complex issue is impressive. Well done! 🙌🏼
Great job!
Awesome job Stephanie Taylor! That was such a great explanation
Excellent explanation !
Great job Stephanie Taylor!
Nice job Stephanie Taylor!
Stephanie Taylor 👏🏻👏🏻👏🏻
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Utah Association of Realtors
1 week ago
Hi All,
As you may be aware, the Real Estate Purchase Contract (“REPC”) in Sections 4.3(e) and (f) has been updated to allow for a buyer to ask the seller to compensate the buyer’s brokerage. Let’s take a look at the language sentence by sentence.
“Seller and Buyer agree that Seller shall contribute [ ] ____ % of the Purchase Price to Buyer’s Brokerage or [ ] $_______ to Buyer’s Brokerage, if applicable ("Seller's Compensation Contribution").
This is the amount that the buyer is asking the seller to pay and is now part of the buyer’s offer to the seller. Like any other terms of the offer, the seller may elect to accept, counter, or reject.
“If no box is checked, then Seller has not agreed to compensate Buyer’s Brokerage in the REPC.”
This is meant to highlight that if the buyer hasn’t checked a box to ask for compensation, then the seller is not agreeing to compensation.
“This payment shall be made in addition to any other compensation agreed to by the Seller’s Brokerage to Buyer’s Brokerage, if applicable.”
Since it is possible that the buyer’s brokerage and seller’s brokerage could have already agreed prior to the buyer’s offer for the seller’s brokerage to compensate the buyer’s brokerage, this line is simply highlighting that the REPC will not modify that agreement between the brokerages. In most cases, it will be compensation in the REPC or a compensation agreement between the brokerages. One or the other. Not both.
So, if there is already a brokerage compensation agreement signed between the brokerages, your buyer shouldn’t need to ask for compensation in the REPC. Please talk to your broker or call the legal hotline for clarification on those limited scenarios where you might have both a brokerage compensation agreement and a seller's contribution in the REPC.
“Buyer agrees that Seller’s Compensation Contribution, combined with any other payment from Seller’s Brokerage, if applicable, to Buyer’s Brokerage, shall not exceed the amount agreed to between Buyer and Buyer’s Brokerage in their written buyer-broker agreement.”
This sentence is highlighting that the buyer’s brokerage is not receiving a total amount of compensation greater than that authorized by the buyer-broker agreement.
“The provisions of this Section 4.3(e)(i) shall survive Closing.”
This sentence means that the provisions of this section survive beyond the successful closing of the transaction. The minor changes in Section 4.3(f) of the REPC simply provide authorization to the escrow/closing office to withhold the seller’s contribution to buyer’s brokerage from the seller’s proceeds at Closing.
As always, if you have any questions or concerns, feel free to call the legal hotline at 801-676-5211. ... See MoreSee Less
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Except, if there has been an agreement on the listing agreement for the brokerages, and we don’t put anything in that box, how is anyone able to know what it is? There is nothing else in the contract showing what was previously agreed?
Will this be added to the land & new construction REPC’s?
For the visual learner
Nancy Jensen Birchell
Jacqueline Blaire Cloud
Targhee Child
Bonnie Ross
Lisa Simmons & Shaylene Pace maybe to link to our Chapters page
All hail the 10bii
Jayanne Ivinse's
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Utah Association of Realtors
3 weeks ago
Here's the first video in our consumer-facing ad campaign. Real-life buyers Erica and Scott share how their REALTOR® helped them navigate four complex home purchases and avoid costly mistakes.
Learn more about the ad campaign: utahrealtors.com/realtor/my-realtor-story-ad-campaign/
See the consumer website: myrealtorstory.com ... See MoreSee Less
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