Real estate laws and regulations vary significantly by location, this is just an overview of buyer agency agreements. Typically, a buyer agency agreement is a contract between a real estate buyer and a real estate broker. It establishes an agency relationship with the buyer being the principal or client and the real estate broker being hired as the agent.
Key Provisions in Many Buyer Agency Agreements
While specific provisions can vary widely, here are some common elements you might find in contemporary buyer agency agreements:
Exclusive vs. Non-Exclusive Representation: This specifies whether the buyer can work with other agents during the agreement term.
Term of Agreement: Defines how long the agreement will last.
Agent's Duties: Outlines the services the agent will provide, such as property searching, showing properties, negotiating offers, and providing market information.
Buyer's Obligations: Specifies the buyer's responsibilities, including providing accurate financial information and cooperating with the agent.
Compensation: Details how the agent will be paid, typically a commission based on the property's sale price.
Confidentiality: Protects the buyer's confidential information.
Dispute Resolution: Outlines how disagreements will be handled.
Indemnification: Addresses potential liability issues.
Would you like to learn more about Real Estate? Have you ever wanted to become a New Jersey Real Estate Salesperson License holder? Want to know more about being a New Jersey Licensed Real Estate Agent? Click on the link for the schedule of our upcoming classes for Real Estate: tocrres.com
A Buyer Agency Agreement is a contract between a prospective homebuyer and a real estate agent or agency.
Roadside Assistance Services in Napa County