Let`s be honest, buying a home is a complicated process and there`s probably a lot more to your head than the buyer`s agent agreement. The good news is that we can connect you to some of the best real estate professionals in your area, who will help you answer all your home buying questions. Think about it: if you`re shopping in a store and a sales agent really took the time to help you find exactly what you were looking for, they deserved the commission on your sale. Well, let`s say, after all the work of the salesman, another who fights directly at the end, calls you and takes the order of the first employee. I don`t agree, do you? This is the kind of amusing deal that a brokerage contract protects a real estate agent against. Duration: The duration is the period during which your contract is active. Many contracts last about 90 days, but as long as you and your agent agree, they can be as long or as short as you like. The language of duration may also contain instructions on what happens when the contract expires, if you have not yet found your new searches – if you extend the contract, renegotiate the terms, share the parts, etc. Remember that waiting for time is the easiest way out of a contract you don`t want to be in, so think carefully about signing a little over six months. Do you understand everything in your agreement? If you`re buying a home for the first time, don`t be intimidated by unusual papers and Lingo. Get the agent`s compensation and termination rights, and don`t hesitate to negotiate if something doesn`t add up. A buyer`s brokerage agreement is a contract between a home buyer and a realtor that defines how they work together. And that`s it! While an agent is usually the one who seeks a buyer`s agent`s agreement, he is supposed to give expectations and protect both the agent and the buyer if a party does not maintain its agreement.
Compensation: You`ve probably heard that the home seller normally pays both sellers` commissions and buyer agents (yay!). But that doesn`t mean you can just jump into the compensation business if you`re going to sign your buyer`s agent agreement. It is very important to understand exactly why you are on the hook in case a seller refuses to pay or violates the terms of the buyer`s agent agreement. Termination rights: No, we`re not talking about the rights of the cyborg assassins of the future (these are Terminator rights) – but this section is pretty important, so listen.