As a potential homebuyer, you may have heard the term “buyers agency agreement”, but what exactly does it mean? A buyers agency agreement is a contract between you, the homebuyer, and a real estate agent that establishes the agent`s duty to you as a buyer. In simpler terms, it`s a legal agreement stating that the agent works for you, not the seller.
When you work with a real estate agent, they typically represent both buyers and sellers. However, if you sign a buyers agency agreement, the agent is exclusively working for you as the buyer. This agreement outlines the agent`s responsibilities, such as finding suitable properties, negotiating offers, and providing advice, among other things.
It`s important to note that not all agents require a buyers agency agreement. However, if you want the peace of mind of knowing that your agent is solely working in your best interests, this agreement is crucial.
Additionally, the agreement typically includes the length of time that you will be working with the agent. This timeframe can range from a few weeks to several months, depending on your needs. During this time, the agent will be actively searching for properties that meet your specific criteria, scheduling viewings, and guiding you through the home buying process.
One of the benefits of a buyers agency agreement is that it can help streamline the home search process. By establishing a clear understanding of your wants and needs upfront, the agent can narrow down the list of properties to only those that meet your specific criteria. This can save you time and energy in the long run.
Another benefit is that the agent is legally bound to act in your best interests. This means that they are obligated to negotiate the best possible price for the property you want to purchase, provide you with honest and unbiased advice on properties, and ensure that the closing process runs smoothly.
In conclusion, a buyers agency agreement is a legal contract between a homebuyer and a real estate agent that establishes the agent`s duty to the buyer. It can streamline the home search process, ensure that the agent is solely working in the buyer`s best interests, and provide peace of mind throughout the home buying process. If you`re interested in signing a buyers agency agreement, be sure to discuss it with your agent and fully understand the terms before signing on the dotted line.