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What is a buyer’s agreement and do you need one?

It is a perfect time to be a buyer. Today’s market offers many choices and interest rates are at an all time low. Maybe you have started looking on line and called a few Realtors for information. Perhaps you have even looked at a few properties with a Realtor. You may have been asked by a Realtor to sign a buyer’s agreement. What is this form? Why should you sign it?

A Buyers Representation Agreement is a legal document that formalizes your working relationship with a particular buyer’s representative, detailing what services you are entitled to and what your buyer’s rep expects from you in return. While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services that you will receive.

By signing a buyer’s agreement you can expect to receive a higher level of service. When you enter into an agreement you are no longer a customer (receiving limited service) but become a client (receiving the highest level of service).

You get more without paying more. In almost every case, home sellers have already agreed to pay a buyer’s agent’s commission. While buyers rarely pay real estate commissions, this is an important detail you will want to discuss with your buyer’s rep and clarify in their representation agreement.

A Buyer’s Representation Agreement clarifies expectations. Agency relationships are based on mutual consent. While most representation agreements specify a time period, they can be terminated early if both parties consent.

When you and your buyer’s rep work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home-buying experience..

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