Broker Agreement Lawyers

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What Is the Broker Agreement?

The Broker Agreement is a contract between a potential homebuyer and a broker that describes the broker's duties and the compensation to be paid. The broker usually will search for the best loan, and the broker's fee may be a dollar amount or a percentage of the loan amount.  

As a tip, be sure that you know how much the broker will be receiving from the lender; it is your right to know this information because it affects money you will be receiving. Never sign a broker agreement that contains blanks or information you do not understand.

What Should I Look For in the Broker Agreement?

There are some general tips that will assist you in reviewing a broker agreement. These tips are:

Do I Need an Attorney to Help Review My Broker Agreement?

It is very much advised that you seek an attorney to help understand a broker agreement and catch any hidden terms that you might miss. Brokers can be very useful in speeding the process of getting a loan, but many brokers work with banks to get the highest interest rates and the most charges that they think they can get. Consult a real estate attorney to help negotiate down all of these unnecessary charges.

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Last Modified: 01-05-2015 05:02 PM PST

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