How to Fill Out a Buyer Agency Agreement

If you`re considering working with a real estate agent to purchase a property, you may come across something called a buyer agency agreement. This is a contract between you and your agent that outlines the terms of your working arrangement, including the agent`s responsibilities, the length of the agreement, and the compensation you`ll be expected to pay.

To ensure that you get the most out of your relationship with your agent, it`s important to take your time and carefully fill out the buyer agency agreement. Here are a few key things to keep in mind as you work through the document.

Understand Your Agent`s Responsibilities

Before you sign the agreement, review the section that outlines the agent`s responsibilities. This should include a list of the tasks the agent will be responsible for, such as finding properties that fit your criteria, negotiating offers, and providing guidance throughout the buying process.

Make sure you understand exactly what your agent will be doing for you, so you can hold them accountable if necessary. If there`s anything in the agreement that you don`t understand, don`t hesitate to ask your agent for clarification.

Determine the Length of the Agreement

The length of the buyer agency agreement can vary depending on the agent and the situation. Some agreements may last for a set number of weeks or months, while others may be open-ended.

Before you sign the agreement, be sure to consider how long you want to work with your agent. If you`re not sure, you may want to opt for a shorter agreement to give yourself some flexibility.

Decide on Compensation

Compensation is another important aspect of the buyer agency agreement. In most cases, the agent will be compensated through a commission paid by the seller. However, if the seller isn`t offering a commission or if you`re buying a property directly from the seller, you may need to pay your agent directly.

Be sure to review the compensation section of the agreement carefully, and make sure you understand exactly how much you`ll be expected to pay your agent. If you have any questions or concerns about compensation, be sure to bring them up with your agent before you sign the agreement.

Consider Your Exit Strategy

Finally, it`s important to consider your exit strategy when filling out the buyer agency agreement. If for any reason you`re not satisfied with your agent`s performance, you want to be able to terminate the agreement without any penalty.

Be sure to review the section of the agreement that outlines the conditions for termination, and make sure you`re comfortable with the terms. If you have any concerns about the exit strategy, be sure to discuss them with your agent before signing the agreement.

By taking the time to carefully review and fill out the buyer agency agreement, you can ensure that you and your agent are on the same page and working towards the same goals. This can be a valuable tool in helping you find and purchase your perfect property.