What is a

What is a "Buyer Agreement"?

A Buyer should have one exclusive agent working for them to find the best property in their price range and location. In order to assure that you will receive the most loyal service, you need to employ a Realtor as your Buyer's Representative. To do this, you will need to enter into a contract with the Realtor of your choice (see above link).

All Realtors who are a member of the MLS system will have access to the same information as any other agent you call on. Full-time Realtors know the properties available on the market, know the market trends, have extensive knowledge of the area and know of factors that may affect properties that you are looking at (ie. flood zone hazards, history, etc)

There are many ways that Realtors represent clients/customers. Click here for an overview of what "agency" means. (This is a form that you will need to sign acknowledgement to, no matter how a Realtor is working for you.)

Why should I enter into a Buyer's Representation Agreement?

It's very important to know how you are being represented. When you call around on different ads, you are usually speaking with the company/agent that represents the seller. Is it possible to work with this agent to represent you too? Yes, but they will be working with you as a "Disclosed Dual Agent", and will not be working exclusively in your best interests. And while you're skipping around talking to every agent out there, your dream home could go by un-noticed because you don't have someone dedicated to you and watching out for the property that fits your needs and budget.

The Buyer's Representation Agreement, or what is also known as an "Exclusive Right To Buy", secures that Realtor as your personal representative, who will guide you throughout the process of finding a property, negotiating a contract, and seeing the transaction through to a smooth closing.

Many Realtors do list property, as well as working with buyers to find property. It is possible that you will employ a Realtor to be your Buyer's Representative, but they will have a property listed that might fit your needs. You have the opportunity to decide if you want to be represented with Dual Agency, before you view the property.

Realtors only get paid commission on a transaction that has gone to the closing table. For more information about how Realtors get paid, click here.

I'm sure you can understand that everyone likes to be paid for the work that they do. If you go to work at your place of employment, you expect to be paid for your services. Realtors have families and financial obligations, as well, and need to be paid for the many hours they put in to showing properties, negotiating contracts, and guiding a transaction. Because of this fact, if a Realtor does not have your loyalty, they will not be likely to give you the full service that you need because they are unsure if they will be paid for their work, knowledge and efforts. In order to assure that you will receive full loyalty and service from your Realtor, you should enter into a Buyer Representation Agreement.

If you have any questions or concerns about this agreement, please call Michelle Fradella, Broker at Pinnacle Real Estate Services, LLC, at 601-569-0075.