Anyone know anything about real estate law? - Chicagoland Sportbikes
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post #1 of 17 (permalink) Old 09-24-2004, 07:12 PM Thread Starter
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Anyone know anything about real estate law?

When i was looking for a place to buy in the suburbs the real estate agent made me sign a contract before he took me out looking. He told me that if I buy a property he shows me with someone else I have to pay him $500. Well it's been 4 months and I have had another agent show me stuff downtown, which he doesn't cover, we never talked about, and he has never shown me. He's now telling me that my contract says I can't buy with anyone else anywhere until the end of October or else I owe him $500 and he will file action to have the girl I'm using stripped of her license. He also said at the time I signed the contract that If at anytime I am unhappy with his service he will terminate the contract.

Well I can't find my copy of the contract. I wrote an e-mail to him and his boss asking to terminate my contract. He is pissed off and he wants the name and company of my agent so he can screw her over I'm assuming. Can I have the contract terminated and buy a place downtown that the girl I want to use showed me? What type of legal grounds does this guy have? Should I grab my ankles? Can I terminate my contract and just start searching again from scratch with the girl I want to use?

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post #2 of 17 (permalink) Old 09-24-2004, 07:30 PM
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Why do you even have to disclose that you have bought a property? Just don't tell them anything. I don't have any idea what I'm talking about here so take my advice with a grain of salt. It sounds like a real bogus situation to me.

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post #3 of 17 (permalink) Old 09-24-2004, 07:35 PM
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the whole sounds weird, wait till after october if you cant get out of it, BUT get a copy, they OWE you it, by law!



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post #4 of 17 (permalink) Old 09-24-2004, 07:40 PM Thread Starter
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I will be asking for a copy. I really wany this place up for sale, but If it means waiting until then end of october so i don't have to deal with Keller Williams so be it Their manager is going to get a phone call from me tomorrow.

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post #5 of 17 (permalink) Old 09-24-2004, 07:43 PM
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dude,

I have never heard of having to sign a contract with a real estate agent before. That doesn't sound right to me. Exclusive rights to sell you a house? I have heard of that when you are trying to sell a house, 'giving the listing to a certain agent' but never what you are talking about... But then again I rent for a reason

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post #6 of 17 (permalink) Old 09-24-2004, 07:55 PM
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sounds a bit odd, at any rate it sounds like you're getting put into a high pressure buying situation though so you may want to chill and not rush into anything. Definitely get a copy from your previous agent.

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post #7 of 17 (permalink) Old 09-24-2004, 08:29 PM Thread Starter
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It's not high pressure, just a place I really like and I want to get. Thinks sell quick around here.

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post #8 of 17 (permalink) Old 09-24-2004, 11:42 PM
 
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Sounds like a scam. I have the name and number of a lawyer that deals in residential real estate. I'm not sure if this falls into his expertise. PM me if you want his info.
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post #9 of 17 (permalink) Old 09-25-2004, 06:35 AM
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I think any real estate contract can be broken with a 15 day notice. Check to be sure but thats what the *standard* contract normally says

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post #10 of 17 (permalink) Old 09-25-2004, 08:32 AM
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contract says I can't buy with anyone else anywhere until the end of October or else I owe him $500 and he will file action to have the girl I'm using stripped of her license.

Dont know about the law, but i have no doubt that first talk to the girl who is showing you around, ask her, tell her whats up, it is in her best interest to tell you whats up
Second, not sure if you know it, but buying a house is not like buying a bike or car, closing takes some time, plus you can ask for a late closing, say nov 1st, takes care of both problems, also i would call the manager of the guy who is giving you problems and tell him you are on several different Internet forums in chicago, and if they do get back to you, you are going to slam them all over all the forums, tell them how bad they treated you and how you would never use them again
thay will at times make them a little nicer, this internet thing has helped me out several times
good luck
R
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post #11 of 17 (permalink) Old 09-25-2004, 08:39 AM
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There may be contract that if the agent shows you so many properties and you end up not buying he may charge you for his time. In addition to it, there usually is a clause that even if your contract expires they still are entitle to their comission for another 30 days. Get a copy of the contract.
And if you are seriously interested in buying that place tell the sellers your situation, put down some money to show good faith and see what happens. I find it often that sellers are willing to cooperate when they know that you are serious about the purchase. And one more thing, mortgage approval is highly recommended before you go talk to them.
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post #12 of 17 (permalink) Old 09-25-2004, 08:39 AM Thread Starter
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I know closing takes time, The problem is I can't put in an offer until the contract is broken.

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post #13 of 17 (permalink) Old 09-25-2004, 09:41 AM
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Call this person's manager. You obviously changed ideas on where to live. If that is outside of his/her area, not much they can do. And talk to your new agent and her supervisor about this. They will probably have some experience in this. A lawyer will cost more than the fine, so avoid it if possible.

A buddy of mine had to sign a contract similar to this, which sucks because he's house hunting from 1000 miles away. And the bitch just doesn't treat him well. I think I had to as well, but my realtor was pretty good. She wanted to get mine done quick because it was a small commission and the busy season was coming up.

I think your soon to be old realtor is all pissed because of the loss of a BIG commission. Assuming you were looking for a similar priced houses out in the burbs, that person is out about $5000.

You probably should have tried to break the contract as soon as you started looking in the city. But that's armchair quarterbacking on my part.

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post #14 of 17 (permalink) Old 09-25-2004, 10:06 AM Thread Starter
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I didn't know about this shit until I was ready to put an offer in on the new place. My new realtor forgot to ask me if I signed a contract because they don't make you do that shit in the city. I have a message into the old realtor's boss and I'm waiting for a call back. I was told when I signed the contract that I can get out whenever I'm not satisfied. If someonething happens where I can not bid on this place i'll just cancel my contract and start from scratch. There is now way that bastard agent is getting a cent of my money.

To me it's just like buying a car. You can talk all day and test drive cars all day at one dealership, but should that mean you have to wait 6 months before you go to another dealership? I am in electronic sales and it's the same situation for us. This is realestate contract is a bunch of bull shit.

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post #15 of 17 (permalink) Old 09-25-2004, 10:32 AM
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never heard that before

Who is this person??? I never heard that before....Sound scam to me. You should contact restate lawyer. You need one anyway for closing of home.

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post #16 of 17 (permalink) Old 09-27-2004, 09:04 AM
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You signed a contract with a Realtor, engaging him as a Buyer's Broker. Such a thing does exist and has become increasingly common in the current "overheated" market.

In a real estate transaction, commissions are paid by the Seller. Therefore, the fiduciary relationship is between the broker (agent) and the Seller - regardless of who brings what half of the transaction to the table. Secured representation by the Buyer ensures the broker/agent that they're not gonna waste a lot of time and get stiffed by a "window shopper".

Remember, folks... we contract people to work FOR/WITH us... if you don't feel your agent is doing an adequate job you need to actively manage the process!!!!

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post #17 of 17 (permalink) Old 09-27-2004, 01:15 PM
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As a licensed IL Real Estate salesperson who also has a Master of Urban Planning, I can tell you that what they claim is "probably" BS. This is of course with me not seeing the actual contract.

Basically, all agents CAN make you sign an exclusive agency contract to find you a property. Do all of them do this? No and that explains the varience of opinion here.

Where you get into trouble here, however, is if the contracted agent SHOWED you the property. If so then you're probably out of luck.

The actual wording of "showed" is something like, "the contracted agent did some work that eventually led to a completed sale," more or less.

So if the contracted agent worked in the burbs and didn't show you any properties in the city then you should claim that you decided to look for an agent who knew the city better because when you began looking with the contracted agent you realized that you didn't like the locations he was familiar with.

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