Buyer broker issues

Ali Rogers might post a comment here to inform you of buyers' broker-to-listing broker agreements.

I know that if, as a buyer looking at properties with a buyers' broker, I must sign with that buyers' broker otherwise the buyers' broker can get hosed by the listing/seller's broker.

Unless your buyer has agreed to pay you for closing the transaction, how do you expect to get paid for your efforts? You don't need to do anything.

you need to sign a co-broker prior to showing the apartment. listing the name of your client for your protection is also worthwhile.

ab: I signed with the buyer's broker. I assume she signed an agreement with the listing broker.

Because transactions involving non-REBNY firms are not bound by REBNY's Universal Co-Brokerage Agreement, it's generally a good idea to execute co-brokerage paperwork as early in the process as you can. Some REBNY firms require it; others don't.

As a practical matter, the 50-50 commission split is such a standard business practice that the written agreement is a formality. The Burkhardt Group hasn't joined REBNY, but we get paid at closing, whether there's a co-brokerage agreement or not. The attorneys simply follow the commission split on the deal sheet.

Thanks for the info, West81st. That covers it.

Thanks all.

I just think that as a practical matter, not every listing broker will entertain my request to sign a co brokerage agreement before showing the apartment to me and my buyer. What is the realistic time to press for a co-brokerage agreement? At the time of making an offer?

On the other hand, is it worthwhile to join REBNY and get the protection of the universal brokerage agreement so I don't have to worry about getting screwed....

@yvonne, IMHO you should clarify how you're going to get paid at the time of first contact. When I show in Brooklyn (where many brokers are not REBNY members) we will generally hash out the terms of payment via email.

@west, Burkhardt Group not REBNY members by choice?

Front Porch: Yes, by choice.

@west

do you mind if I ask , why you guys are not the REBNY members?