Edits and changes to NYC flat fee listing agreement

[tanya]

Hi,

The verbiage in section 4-D is a bit unclear to me - defining sale as "the granting of an option to purchase, sell or transfer the Property". I want to be sure that the commission will only be paid if the actual sale is completed.

Can we add verbiage to say: "Commissions are only due if there is an actual completed sale." I'm happy to write it in and initial it if that's acceptable, but then I wouldn't be able to complete it online.

Also, should my husband and I both be signing this document, or is one signature acceptable?

Thanks,
Tanya

[HauseitAdmin]

Hi Tanya,

I’m afraid that we cannot offer any edits to the flat-fee listing agreement, as this is standard language which our affiliates have agreed to in advance. For what it’s worth, our affiliates are not earning any commission on your sale. Any dispute over the sale and commissions will be between you and a 3rd party buyer agent, if one happens to be involved in the deal. If the buyer is unrepresented, you do not pay any commission.

We hope this is helpful!

[tanya]

Ok, thanks. Everything has been signed by all parties. I know it takes 24-48 hours for the listing to appear on MLSLI. Based on the current timelines, would I be able to have an agent-managed open house on Sunday, from 1-3pm?

[gulu]

I am reviewing the flat fee MLS listing contract. It's an exclusive broker-owner contract, which I don't think I am going to sign. I only need the listing service and I reserve the rights to hire other broker if I want. Can you please refund me the fee? Thanks

[HauseitAdmin]

Hi Gulu, we’re happy to offer a refund, but please note you can cancel at any time by email and go with another broker if you wish. Furthermore, the RLS (REBNY Listing Service https://www.hauseit.com/rebny-rls-nyc/) requires some sort of an “exclusive” listing agreement to be able to list on the database. However, the language has been modified to be a flat fee e-listing agreement if you read through it.

I’m afraid that we cannot offer any edits to the flat-fee listing agreement, as this is standard language which our affiliates have agreed to in advance. For what it’s worth, our affiliates are not earning any commission on your sale. If the buyer is unrepresented, you do not pay any commission.

Would you be open to a call explaining how the service works first? We hope this is helpful! Thanks!

[sanchez]

Hello, I spoke to [Joe]? several weeks back who told me I could see the listing agreement if I created a listing. I did create a listing, but I couldn't see the listing agreement unless I paid.... So I didn't finalize it.

I am now getting ready to choose the manner in which I will list -- Is there a way to see the agreement before I pay, I don't want a situation where I pay and I can't sign the agreement. I went on the forums looking to see if the agreement was posted anywhere and I don't see it -- although I do see posts where people are confused by the terms.... Thanks!

P.S. I did find this on your website. But for the 0% arrangement where I manage my own listing, it has to be different.
https://www.hauseit.com/sample-new-y...ing-agreement/

[sanchez]

Thanks again for getting me the agreement. I have four questions.

1. Section 3, paragraph (a) says the Broker will advertise on websites at his/her "sole discretion." Of course, the deal is very clear on your website that it includes Streeteasy, NYT, and others.... How we are assured it will be advertised there?

2. Section 5, paragraph (c) -- I am wondering if this covers buyers who have visited my home from the beginning of the year until the present. I know that usually a list is put together and those buyers are considered buyers that I found? Am I making sense?

3. Section 6 does not provide anyway for me to know about any disputes. I do not see any actual problem here -- I will pay the commission and that is it. But what if it is a crazy co-broker sues the broker -- shouldn't i be notified so that I can be involved in fighting any dispute?

4. Do I have to sign the dual agent agreement now or only of the Broker brings a buyer?

Thanks!

Karla

[HauseitAdmin]

Good afternoon, please see below for answers in red. Please note that we unfortunately cannot make edits or changes to these very standard listing agreements which have been pre-agreed upon with our affiliates. Thanks!

1. Our partner brokers have software that automatically syndicates their listings to these places. They can’t really choose to not syndicate to certain sites.
2. There are no exclusions. If a buyer chooses to be represented even if they saw it direct previously, our partner brokers have to honor that.
3. If there is a dispute, your partner broker will certainly inform you. It would be in their best interest to do so.
4. This is just a disclosure, you do not have to sign if you want to. But the partner broker is disclosing their agency relationship to you regardless.

[alvaro]

I’m just reading the agreement and I only have one concern: 5.c.

I just want to make sure that Broker doesn't try to insert himself in the transaction (perhaps using a promise of a rebate) to a prospective buyer who would otherwise be unrepresented.

Can we remove that language altogether or alter it to ensure that Broker won’t try to entice otherwise unrepresented buyers who first contacted us without representation.

If Broker genuinely procures a buyer, of course he is due his 2% but on the other hand he shouldn’t try to take over a sale I’m handling myself. Does that make sense?

[HauseitAdmin]

Hi Alvaro, unfortunately we cannot offer edits to this stock agreement as it’s already been pre-approved by our affiliates.

With that said, 5c is simply meant to notify owners that buyers can choose to be represented after an initial viewing. A buyer may stop by at an open house for the first time, and decide later that week that he needs the guidance of a buyer’s agent. Simply put, a buyer may have just started their search when they popped by your open house. They have a right to decide later that they want to be represented by a buyer's agent.

5a protects you from such a situation as you described. It’s actually never happened in close to $500mm of Agent Assisted FSBO listings in Manhattan.

[aslan]

Honestly I'm surprised there are requests to negotiate the listing agreement for what is essentially a free service. Do you negotiate the privacy policy with Google?

If I were a broker and taking a flat fee on a listing, there would be no way in hell that I would agree to remove any protections. Sure, happy to make any edits you please if it's a normal 6% commission listing agreement for a $10 million property. But for a flat fee, it just wouldn't make sense. Why would I?