What if a Buyer comes unrepresented and wants to purchase my home?
In the event that the buyer is unrepresented the listing agent will be required to handle both sides of escrow, confer with the buyer’s lender, and collect data and clear all sides for closing. There will be a separate section on the listing agreement where the listing broker indicates.
1) Compensation for marketing the home and negotiating the offer
2) Additional fee if the buyer is unrepresented.
In the past the default would have been for the Listing agent to claim both the Listing and Buyers compensation.
Under the new forms this is now broken out and can be clearly negotiated in advance what would happen if the buyer came unrepresented into the transaction.