FAQs
How do I know what compensation the seller is offering?
The Listing Agreement now only states whether the seller is willing to offer a compensation. The Selling Broker bargains for their commission at the time of the Buyer Consultation. At that point a Buyers Agreement is prepared, and the Selling Broker compensation is set. When the buyer makes an offer, the amount equal to the Buyers Agreement is entered into the offer with a Broker Compensation Rider attached to the contract. At that point, the buyer and seller will negotiate who pays the Selling Broker compensation.
What form do I use if my buyer is requesting seller to pay the Selling Broker Compensation?
The Selling Broker will attach the Broker Compensation Rider to the contract. Form #2109
What date do you enter onto the new Listing Agreement prior to the October 15 forms change?
While the original Listing contract had a date prior to the date you are having your seller sign a new one, I believe it is important to date it according to the date you are completing the new one. No back dating. However, in the special notes section add the term ‘This listing agreement replaces the original listing agreement dated [insert date] with effective date of [insert original effective date].
What happens to the Original Listing Amendments on the agreement prior to the October 15 forms change?
If you had any amendments during the time of the original listing agreement, make those changes on the new listing agreement.
What do you do when the listing agent does not provide the LBP disclosure on a home built prior to 1978 in spite of numerous requests?
Because MO law requires that the Lead Based Paint Disclosure be signed when offer is submitted, reach out to your Broker Office for assistance. It is important that the Listing Broker be contacted to obtain the disclosure. See your office manager for more details
What do you do when the seller has not cleared occupancy prior to closing. What are a buyer's options in this case?
The buyer has a few options:
1. Amend the closing dates until the occupancy has been permitted (RECOMMENDED)
2. Close but have the seller escrow funds until the work is completed. It is important to have a deadline in writing for the completion.
3. The contract states that closing does not relieve the seller of their obligation to complete work that was agreed upon in the contract.
I have a listing that was under contract prior to October 15, 2024. Since then, the contract has been terminated. Do I need a new Listing Agreement?
Yes, since the Listing Agreement is invalid due to the change in forms as of Oct 15, 2024, a new Listing Agreement must be executed.
I have a Buyer who went under contract prior to October 15, 2024. Since then, the contract has been terminated. Do I need a new Buyers Agreement?
Yes, since the Buyers Agreement is invalid due to the change in forms as of Oct 15, 2024, a new Buyers Agreement must be executed.
Who signs the Broker Compensation Rider?
The seller, buyer and Selling Broker sign the Broker Compensation Rider. This rider has no relation to the Listing Broker.
When making a counteroffer or amendment to change the terms on the Broker Compensation Rider, why do we need a new rider filled out and signed?
Because there could be a change in the compensation to the Selling Broker, it is important for the broker to sign approving this change. If it were to be done via amendment or counter without a new rider, the broker would not have the ability to sign approving this change.
New and probably seasoned agents are inundated with emails regarding lead generation, review resources, promotional resources, etc. It's difficult to decipher which resources are legitimate and which are not, as well as, which provide the most value for the investment. Which resources would you recommend to new agents that you feel contribute to business success and worth the cost?
Determining whether an email is legitimate, or a phishing attempt can be challenging. As a realtor, your contact information is widely accessible, making you a potential target for phishing scams. It’s crucial to exercise caution and avoid clicking on suspicious links. If you’re unsure about an email, open a new tab and visit the sender’s official website directly to verify its legitimacy.
To identify reputable resources, conduct some research. Platforms like Google Reviews, Yelp, and the Better Business Bureau are excellent tools for evaluating credibility. When in doubt, don’t hesitate to reach out to our support team here at Coldwell Banker Premier Group. We’re always here to assist you.
With new forms coming out again on January 1, 2025, will sellers need to complete the new Seller’s Disclosure statement?
While it is not required, it is never a bad idea to have your seller complete a new Seller’s Disclosure (SD). If seller has new known defects, it is important for them to either complete the addendum to the SD or complete a new form. After January 1, 2025, the old form will not longer be valid for a new listing.
With the new signature page coming out January 1, 2025, will it need to be attached in the Rider section of the Sale contract?
New contract forms will be coming out January 1, 2025, with a check box, under the signature section of the forms, adding the new rider #2051. This is not a part of the Rider section. This will be applicable on contract forms requiring signatures.