QUESTION
What is a Buyer Agency Contract in PA (standard contract put out by the PA Assoc of Realtors)? What does Section 14C (Deposit Money) mean?
Asked on Jan 16th, 2012 on Real Estate - Pennsylvania
More details to this question:
I am thinking of buying a house in Pennsylvanis and the agent wants me to sigh this contract. I am concerned about the paragraph under Section 14C (Deposit Money) which states " Buyer agrees that if Buyer names Broker or Broker''s licensee(s) in litigation regarding deposit monies, the attorneys'' fees and costs of the Broker(s) and licensee(s) will be paid by Buyer."
1 ANSWER
Harper Dimmerman
This is the only attorney's fee provision in the standard PAR form. It means if the broker is sued over the deposit, for holding it, you pay their fees. Unless there commingle the funds etc, there's no reason to sue them anyway. Harmless....
Answered on Jan 19th, 2012 at 3:24 PM