Exclusive representative rights contracts are the most common buyer brokerage agreement. Just like the others, it will describe what the agent will do for you, the buyer, and it will describe the obligations of the buyer. You may have to pay the commission specified in the agreement, but if the seller agrees to pay the commission, the buyer is not obliged to do so. The only difference between this agreement and the others is that the buyer cannot work with another agent during this period. You can see here an example of an exclusive representation agreement. A broker will sit down with you to find out how much home you can afford and what requirements the house should meet. You will consult the lists of real estate in your desired area and schedule appointments to show you houses that best meet your criteria. They will give you a general overview of the neighborhoods where you shop for houses and will answer any questions you may have along the way. My client wants to make an offer for a property.
What is the best way to contact the seller with the offer and make sure I get my fees from the seller? Some agents will ask you to sign what is called a buyer`s agent agreement before they start showing you your homes. It is actually a contract between you and the agent, in which you both agree to an exclusive employment agreement for a period of about six months. “Once you find this special agent, you should sign a buyer`s agent contract to make it official. This means that you can both move forward with confidence – which is important if you engage in something as big as buying a home. There is really no boilplate contract for this situation. Each can be different and tailored to the needs and concerns of this particular agent and the buyer. Read the fine print carefully so you know what you`re getting into and bring it to a lawyer if you have any questions and concerns. Don`t make any assumptions.
A buyer-broker contract consists of several important parts. If you`re not sure you want to stay with a particular agent after a first meeting, let them know you`re undecided. Then interview several other agents and choose someone you like to work with. Across the industry, different real estate agents and agents have their own versions of buyers agents` agreements – they might even call them like other things. But whether your agent presents you with a brokerage contract, a buyer representation agreement or a buyer brokerage agreement, there is really no difference between them.