Standard roles and obligations are described in our standard brokerage contracts for the client, broker and designated agent (if any). If a licensee offers services or commitments that are not in standard form, please add them in writing. The greatest advantage for the client is that written brokerage agreements provide consumers with the opportunity to ensure that they receive the services they need and need them. If you are in a non-exclusive contract, then you, the buyer, can work with other agents and buy a property. Why would anyone want to use a buyer`s contract? Whether you are the consumer or the agent, the answer is almost the same: options to have. In my real estate practice, I do not ask for or apply for any buyer contract as long as my buyer client is willing to buy something of the selection available on the Multiple List Service (MLS). But if that`s not enough, we`ll discuss the buyer`s options. The last paragraph describes the type of property the buyer is looking for and the price range. Technically, you are bound by the contract only if the property you bought matches the description of the real estate.
For example, if the real estate description is a detached house, then you are free to buy a condo with another realtor. If the property description limits the parameters to a particular county and you decide to be in an adjacent part, you are not bound by the terms of the contract. If you already own a property for which you are under contract, you can amend the agreement so that it only applies to that property. However, the brokerage first requires a remuneration, two white lines were used for flexibility. Examples of what can be inserted are: the agreement should describe the nature of the acquired property and its price range. For example, if the property to be acquired is described as a detached house, you are free to follow a 20-unit building through another real estate agent. If the acquisition parameters limit the contract to real estate in a particular county and you decide to buy in a neighboring county, you are not bound by the terms of your buyer brokerage contract. Depending on the reputation of some agencies, individual brokers or the specific circumstances of the buyer, it may be advantageous to explore the different types of brokerage representations in order to ensure the best possible deal.
My fellow real estate agent and blogosphere friend, Elizabeth Weintraub, has an excellent article on this topic on About.com, buyer`s Broker Contracts – Buyer`s Brokers, in which she explains the different types of buyer contracts and agreements that are often found throughout the country. The one that is most used, if you are used, is “exclusive representation” (which in turn resembles a list agreement which is usually also an “exclusive representation agreement”). As a buyer, you are only responsible for additional charges when billing. This fee covers the broker`s backend costs related to contract execution, paperwork, etc. This could be a rare event if you will have to pay the buyer`s agent commission, but this would be completely revealed to you in advance, long before you see a house where this would be the case. In our 25 years of experience, it has not happened once.