I won't pay any commission to my agents, the commission will be paid by the seller. So, the buyer won't care what's the difference between 2 or 3 agents. If the previous buyer's agent wants any commission, she/he must ask thew seller.
In the hold-over period(usually 60 to 90 days), if you bought or sold your property by yourself, you need to amend agency fees to the agent.
However, if in the holdover period, if you find Agent B to represent you, Agent A has no right to claim agent fee any more.
Although that doesn't apply to this case since it is still within the contact when that lady contaced the second agent but people should know that right after the contact, they have right to find another agent.
Seller only owes commission to the first agent if the following are true:
- the buyer was introduced to the property during the first listing agreement with Salesperson A. If they weren't then Salesperson A does not get anything.
- the commission on the second listing agreement with Salesperson B is lower than what was noted in the agreement with the first listing salesperson. If the commission is the same on both listing agreements and the buyer was NOT introduced to the property by salesperson A, then salesperson A does not get anything. If the commission was lower on the second, AND the buyer was introduced to the property during the agreement with Salesperson A, then the seller owes Salesperson A the difference between the two commission rates.
- the sale was made during the holdover period.
yes, I am very familiar with OREA code of Ethics despite that I am not in practice now, thank you. You probably need to review again to be professional to the clients.
What if when I directly contact the listing agent and then I sign the purchase agreement with the seller for property A. But the seller does not accept my offer.
Then I start looking for another property B by contacting its listing agent too (not the same person). Do I owe any obligations to the first agent when I start signing purchase and sale agreement with another seller/agent for the second property?