What is a Buyers Rep Agreement & why do you want one?
We require all of our buyers to sign a Buyer Representation Agreement (BRA) early in the process. It establishes our business relationship, obligates us, your Realtor, to look after your best financial interests, and puts you on our high priority list. The Buyers Rep Agreement officially moves you into “client” status, establishes that we have a formal business relationship and outlines a few important details like how we get paid (by the seller) and what our legal & ethical obligations are to you. It’s kind of like right now we’re dating and by signing the BRA, we’re engaged. Less experienced agents do not necessarily require this step but it is part of how we run our business.
You’re busy, right? A lot of what we do in working with our clients, in fine-turning our systems, in the front-end preliminary groundwork, is designed to protect your time. It is also designed to protect ours.
Legally, this must be signed by the time you write an offer IF the Realtor represents you. Be aware when the Realtor represents the seller, they legally cannot also represent you. If they are prudent, they would have you sign a statement that says that you understand that you do not have representation in the transaction. (Note: we recommend all parties in a real estate transaction have representation.)
Be smart. Interview your Realtor. Make sure it is the right match then move forward in an organized, professional and legally sound manner.
© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.
Entry filed under: Smart Buyers.