Are buyer's agency contracts retroactive? - Zillow Real Estate Advice

The contract would be considered retroactive if you had a signed purchase agreement with the builder and THEN the agent came onto the scene. Verbal negotiation wouldn't rise to the standard of a purchase agreement.

Without seeing your representation agreement (it's not a part of the legally mandated CO contract package), it's difficult to give you a definitive answer. But from what I've read elsewhere, the contract spells out the compensation the agent is expected to receive as part of the transaction. If the sellers compensation falls short of that contractually agreed amount, the buyer may be obligated to make up the difference (again, it would be in the contract).

If the agent agreed to accept a lesser commission, it would need to be spelled out either in an addendum or in a new buyers representation agreement. And it would have to be signed by you and the agent.

Personally, I might call the agents broker and explain to the broker what has transpired. In most states, the commission is paid to the broker and the agent is technically the sub agent. I can't speak for CO law, but that's a fairly common arrangement.

As always, when in doubt, consult an attorney for your specific situation as this shouldn't be considered legal advice.

Source: http://www.zillow.com/advice-thread/Are-buyer's-agency-contracts-retroactive/493186/

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