We don’t always understand why it is so important to have a commercial mortgage broker fee agreement, to be protected against the borrower.
There are always some people that like scamming people and it is important to make sure that you have an agreement that will protect yourself against these scammers. Here’s some more information about the fee agreement, and the things that should be on the fee agreement.
Why everyone should have a mortgage broker fee agreement
It can be really dangerous to have an agreement with a mortgage broker, without any fee agreements. Everyone should make sure that you’re protecting yourself against people that like to change their fee agreements, especially if you don’t have anything on paper.
Without a written agreement, you will not know for sure what you’re fee is going to be. The lender can change the fee amount as frequently as what they want, and you will not be able to do anything about it.
The fee agreement will not only protect the buyer, but also the lender. With a fee agreement, the lender will make sure that there’s no possible chance that the buyer can cancel the contract without any notice. If a contract gets canceled for no reason, the lender can have serious losses that can influence their successful business.
Some tips that should be in a mortgage broker fee agreement
There’s some important aspects that should be included in any mortgage broker’s fee agreement. It is important to make sure that these things is always included and easy understandable:
• Make sure that the fee agreement should provide arbitration under the Rules of the American Arbitration Association. This is quite important feature to have the agreement.
• Make sure that if there’s any hearings about the agreement, that the hearing will be held in your hometown and not miles away. Then, you will need to spend money in traveling costs.
• It is also important to make sure that in the agreement it is stated that you’re not liable for any attorney’s fees.
• The agreement mustn’t have a “have to be exclusive agreement” in the clause.
The agreement needs to be correct
There’s a correct way of getting a mortgage broker fee agreement, and then there’s a wrong way. If the agreement that you signed isn’t up to standard, and you’re complaining on a later stage, you’re going to lose the fight. It is important to know that the agreement that you’re still needed to sign, is up to standard and written correctly without any spelling mistakes. This is the only way of making sure that you’re protected.
We all know the fact that there are some scammers out there that’s trying to get out of a fee agreement.
No matters if it is the lender that’s trying to change the agreement, or the borrower. If you ensure that the mortgage fee agreement is correct with all the important point’s covered in the agreement, then you and a company like the www.mortgagebrokerco.com.au going to have a great relationship with your fee agreement, in place.