The Buyer Representation Agreement
Your First Home: The Proven Path to Home Ownership
A Keller Williams ® Realty Guide
By Gary Keller with Dave Jenks and Jay Papasan
Any strong relationship is built on respect for each party’s needs, expectations, and time. That’s why many agents like to set mutual expectations with a Buyer Representation Agreement. This document states that any house you buy, you will buy with the help of your agent for the duration of the agreement. Such agreements can usually be terminated with a couple of days’ notice, although you usually can’t terminate the agreement and then go buy a house that your agent showed you three days a before.
A representation agreement can help you by giving your agent the confidence that the time devoted to your home search will not go unpaid. This in turn gives you the agent’s very focused attention. These agreements are also useful because they spell out the precise duties you can expect your agent to fulfill, so if they are not, you can point to the agreement and request an explanation. It is actually a win-win.
All in all, a Buyer Representation Agreement involves making a mutual written commitment that clarifies the working relationship.