Lucy asked:
If yes, what is a customary fee? I heard a lot about realtor fee’s and need to know about this question, before I get started.
If yes, what is a customary fee? I heard a lot about realtor fee’s and need to know about this question, before I get started.
Almost any contract for anything will stipulate penalties for cancelling. Once you sign, you are committed. For certain types of contracts (purchases) you might be eligible for a 3-day (72-hour) “cooling off period” where a contract or purchase can be cancelled without penalty, but even if eligible for such a provision in law, once that period expires, you pay.
READ & UNDERSTAND your contract before you sign it.
First-time homebuyers have no special waivers when it comes to signing a contract. No excuses. Be sure you know what you are doing before you do it.
Hi
Any fees that you have agreed to pay, must be written in your contract. If you are unsure, call the Department of Real Estate and the agents broker. I am a Ca. Realtor and if my client backs out, oh well on me!. I have never charged a buyer. But if you were in escrow and backed out, you may lose your deposit. It really has nothing to do with being a first time buyer. Read your contract again.
Good Luck
Depending on how far the transaction is gone, you can possibly owe the agent their entire commission.
Read your contract.
No, in CA the realtor only gets their fee at after they close a sale, never before.
However, if you start a contract with one agent you can not switch. This one would be entitled to their commission still, and will get it. You would pay a second one out of pocket if you were to involve another agent.
Also keep in mind that your contract isn’t really with the agent, they work for a broker, the real holder of the contract.
If at any time you are not happy with your agent you can request he replace them with a different agent. You agreement is not effected in any way.