By now you’ve probably heard about the significant changes happening in the world of residential real estate and how those changes will affect home buyers and sellers. One of the new requirements is that buyers must sign a written Buyer Representation Agreement before touring a home with an agent. Simply put, a buyer’s representation agreement is a contract signed between a prospective home buyer and a real estate brokerage for the right to represent them in a real estate transaction.
It will outline the terms of the agreement, including time frame and the services that the brokerage agrees to render the client during that time.
This is a positive situation for both consumers and agents because it facilitates conversations to help homebuyers better understand the process and learn the right questions to ask agents. The agreement explains how your real estate agent will act as your dedicated professional guide, and outlines the agent’s ethical and fiduciary duties to represent you to the best of their ability. The terms of the agreement are negotiated between the buyer and their agent. Together, the buyer and agent decide how long the representation lasts, and when and if to extend the agreement. The buyer representation agreement ensures that you and your agent are on the same page about the terms of your collaboration. It is meant to facilitate trust and efficiency in what is an extremely complicated process. The homebuying process is complex and the market is competitive. You will need a trusted advisor to guide you through this journey.
If you have any questions or concerns before entering into a buyer’s representative agreement, feel free to reach out to an agent here at Meadows Property Group. We are always happy to help.
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