“Caveat emptor” = Buyer beware…. Watch this video from Houston news channel regarding “know before you owe” commissions and it doesn’t hurt to read everything before signing…or rely on a jury to protect you.
This Houston, Texas court case judgment making a real estate broker pay $150,000 in legal fees to former client who signed a Buyer Brokerage Agreement with them and claimed “unfair practice” may scare the pants off realtors across the country as well as the National Association of Realtors (NAR) and other states and state and local realtor associations about brokerage agreements…and maybe cause Seth Weissman to rewrite the Georgia brokerage agreement or the Georgia State legislature to rethink the legality of this form or its use?
On the other hand, if nobody else goes after and sues former clients in Georgia, then the point may be mute.
Real estate brokers may consider a possible rewrite of procedures for each real estate brokerage office across the country on how to present, negotiate, and obtain a prospective Buyer client’s signature on a Buyer Brokerage Agreement.