The first thing you'll notice is that it's a buyer’s agency agreement. It's not a contract in the traditional sense. More than anything else it's simply an agreement to work together as a team to help you close on your next home. Real Estate agents want a signed agreement because it solidifies that promise to work together. Agents spend a lot of time and money helping their customers and they just want assurances that their time is being well spent. Seems fair no?
Bet you didn't know that if you don't sign a buyer’s agency agreement your agent is working, by law for the seller! It's complicated in terms of how the laws of agency are written but that is indeed the case. In fact the agreement is the document that tells the seller that you have your own representation that is working in your best interest not theirs. Many new home buyers don't realize that the builders, for instance have already set aside a commission for buyers agents and they just love to hang on to that money and leave you with no-one on your side. The builder represents the builder’s interests not yours.
The buyer’s agency agreement is a smart idea and not something to be feared. It's really a great insurance policy in case litigation rears its ugly head. Please drop me an e-mail if you have any questions.
ABetterHomeBroker
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