I worked with an agent and submitted an offer for a residential property which did not go through; but in those set of offer documents - there was a ' buyer purchase exclusive agreement' which the agent mentioned is exclusive for the current property. However, few days later, I purchased an investment town home property worth 300K with another agent which is yet to be built . I told my 1st agent that i bought an investment property with another agent and is no more interested in buying residential property and would like to find a rental home. But he told that i am in buyer agreement for 3 months and if my 2nd agent does not pay commission then I am responsible for paying buyer commission . I reviewed the document and it is mentioned for a single family residential property value upto 3000 USD. (not 300K) 1. is town home considered a single family residential home? 2. My purpose of this property is investment ? does it matter? 3. The value mentioned in the document is upto 3000 USD, but the property I bought is 300K 4. What are the consequences if I don't pay ?
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Is this required for a rental property too?
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I worked with an agent and submitted an offer for a residential property which did not go through; but in those set of offer documents - there was a ' buyer purchase exclusive agreement' which the agent mentioned is exclusive for the current property.
However, few days later, I purchased an investment town home property worth 300K with another agent which is yet to be built . I told my 1st agent that i bought an investment property with another agent and is no more interested in buying residential property and would like to find a rental home. But he told that i am in buyer agreement for 3 months and if my 2nd agent does not pay commission then I am responsible for paying buyer commission . I reviewed the document and it is mentioned for a single family residential property value upto 3000 USD. (not 300K)
1. is town home considered a single family residential home?
2. My purpose of this property is investment ? does it matter?
3. The value mentioned in the document is upto 3000 USD, but the property I bought is 300K
4. What are the consequences if I don't pay ?