Compensation Agreement Between Broker and Owner (TXR 2401) – Texas REALTORS®-2021十大正规彩票app

What should we include as the term in the Compensation Agreement Between Broker and Owner (TXR 2401) and Compensation Agreement Between Brokers (TXR 2402)?

The date of the term should provide enough time for the parties to negotiate and sign the sale or lease agreement. For compensation to be earned under the compensation agreements (TXR 2401 and TXR 2402), the owner of the property must enter into a binding agreement to sell or lease the property during the term. The parties to the compensation agreement can agree to extend the term if additional time is needed for negotiations. Note: If the sales contract was executed during the term, the compensation is still payable even if the sale closes after the term has expired.

Under what circumstances would brokers use the Compensation Agreement Between Broker and Owner (TXR 2401)?

TXR 2401 is designed to be used when an owner agrees to pay a broker fee directly to the broker. This form can be used if the broker represents the owner, the buyer, or both as an intermediary. TXR 2401 is flexible and can be used in several situations:

When an agent represents a buyer purchasing a for-sale-by-owner property and the unrepresented owner agrees to compensate the buyer’s broker
When the owner has a broker but the owner agrees to compensate the buyer’s broker directly, instead of going through the listing broker. Builders often pay buyer broker compensation in this manner.
When the owner is already in discussion with a buyer to purchase the property and wants to hire a REALTOR® to represent the owner to complete the transaction. The owner and the owner’s broker can use TXR 2401 to agree on compensation for the broker.

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