"For the brokerage community, if the Buyers Broker Agreement (BBA) is written up and executed properly and the Buyer purchases, it means we will get compensated for the work we have done. That is reassuring on our end and a sigh of relief as most every other profession gets paid as they do their job and with health and 401k benefits, Lichtenstein wrote in an email."
"During the discovery related to the arbitration, Lichtenstein said his firm found that the day after they had alerted the buyer to the issue, one of the buyers signed an amended buyer broker agreement, swapping out the name of the original buyer for that of his mother. Three weeks later, another amendment to the contract saw things reversed with the mother's name swapped for that of the original buyer."
"Through arbitration, the arbitrator concluded that the buyer broker agreement used by Echo Fine Properties is unambiguous, and its terms were clearly stated. Additionally, the arbitrator found testimony from the buyer that he did not read the agreement before signing it, that the 180-day protection period for the agreement is excessive, and that the agent from Echo Fine Properties provided little to no benefit or help were unpersuasive."
Since Aug. 17, 2024 practice changes, Lichtenstein's firm completed 381 buy-side transactions and examined three contracts for issues. A properly executed Buyers Broker Agreement (BBA) ensures buyer brokers receive compensation when the buyer purchases and provides reassurance for brokers' expected pay. At the end of 2024 a mortgage broker alerted the firm that a buyer working with Echo Fine presented another offer with a different buyer's broker, and the buyer ignored the firm's notice. Discovery revealed amended BBAs swapping the buyer's and his mother's names, and the arbitrator found Echo's BBA unambiguous while rejecting the buyer's claims that he did not read the agreement and that the 180-day protection period was excessive.
Read at www.housingwire.com
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