What is a Buyer Agency Agreement?
If you’ve never attempted to buy a home, you’ve also likely never heard of a buyer agency agreement. But it’s a common legal contract between a potential homebuyer and their chosen real estate agent. A buyer’s agreement clarifies an agent’s responsibilities to their client, the terms of representation, and the agent’s compensation. And somewhere between those lines, it makes the working relationship between an agent and a client official.
The Benefits of Signing a Buyer Agency Agreement:
Heightened Transparency: real estate professionals pride themselves on their transparency. But this is no longer just about honor or building trust. It’s about legal compliance. The industry is changing to clarify buyer agent compensation in the wake of several high-profile lawsuits
Securing a Premium Experience: The old adage “You get what you pay for” may be a bit blunt when it comes to the benefits of a buyer agency agreement, but there’s also a kernel of truth to it. When you find an agent that you connect with, you’ll find the intensity with which they represent you often transcends a simple commission check.
A Customized Experience: Some agents are even open to customizing a buyer agency agreement to more closely fit the needs of their clients
With all of this in mind, many prospective homebuyers are beginning to reframe the buyer agency agreement as an opportunity for empowerment within the real estate world. And why not? It’s a document that, by its very nature, offers legal protection, devoted representation, and an added sense of security. But it’s up to agents to educate their clients on the benefits of a buyer’s agreement. The client also has a responsibility to ask the questions that will most directly address their concerns. After all, a buyer agency agreement should always be signed with confidence!
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