Question: Do You Have To Pay A Realtor If You Decide Not To Buy?

A: Typically you owe nothing to the Realtor and they usually cannot charge you anything as well.

There are laws against what is called “advance fees” in the business.

A: There are only very specific circumstances where a Realtor pursue you to have their commission paid.

Are you obligated to a realtor?

Once you sign a buyer’s agent agreement, you are legally obligated to work with that agent. If you try to switch to a different agent during this period without canceling this contract, you could land in legal hot water.

What happens if you decide not to buy a house?

Once the time limit has expired on the contingencies, you can still walk away from the house right up until closing, although you may lose your deposit. This is called liquidated damages. The seller could potentially sue you for specific performance, which means that you would be required to complete the contract.

Does the home buyer pay the realtor?

As a buyer, your agent and the seller’s agent split a commission fee — typically 5–6% of the purchase price of the home. “Standard practice is that the seller pays the real estate commission of both the listing agent and the buyer’s agent, according to Ruth Johnson, a Realtor® in Austin, TX.

Can you change realtors while under contract?

As a seller, you’re also well within your rights to request to change real estate agents. Sellers typically sign listing agreements with the listing realtor representing them. The listing agreement will have an expiration date, so you will likely have to wait until the agreement expires before changing agents.