I was so stripped of my commission as a commercial real estate agent that I studied law and became a lawyer. Imagine that you are going to study law with two children in childbirth. I`ve never missed a day of class. I gave letters. I graduated with distinction. I did all this because I was tired of being unscrewed from my Commission. You might feel that the usefulness of an agreement is heavily weighted against the broker. In reality, you will also get considerable benefits. You`ll learn just as quickly that commercial borrowers don`t appreciate the value of your time. You will work for hours.
and resign on your part without sufficient legal reason. Your attitude is, “Everyone knows you don`t owe your mortgage broker any fees unless the deal is made.” You probably think that the purpose of the pricing agreement is to protect you from the borrower who refuses to pay your commission at the time of closing. This happens occasionally, but not very often. When most commercial mortgages are preparing for closing, most borrowers are exhausted, impatient, and eager to close the deal. The borrower does not want to take the risk of restarting the four-month application process by appearing dishonorable before the lender. On the broker`s side, the agreement offers an essential no-escape clause that prevents you from bypassing the broker and going directly to a lender as soon as an offer is made. To enjoy all the benefits, you must of course sign a commercial mortgage agreement.