WHAT IS A BUYER’S AGENT? GENT?
Whether buying or selling a home, it is important to understand the role of a “buyer’s agent”. A buyer's agent is an agent hired by a buyer to solely represent the buyer’s interests. Throughout the home buying process, a buyer’s agent works on the buyer’s behalf, helping to find properties that meet the buyer’s criteria, scheduling viewings, negotiating offers, and handling all the necessary paperwork involved in purchasing a home. It is important to note that prior to touring homes with a buyer’s agent, all potential homebuyers are required to enter into a written buyer representation agreement with the agent.
BUYER REPRESENTATION AGREEMENT GREEMENT
A written buyer representation agreement is a formal contract between a buyer and their agent. It outlines the terms of their working relationship, the services the buyer’s agent will provide, and the amount of the buyer’s agent’s compensation. Moreover, the amount of compensation stated in the buyer representation agreement is the maximum amount of compensation the buyer’s agent is permitted to receive. Entering into a buyer representation agreement brings clarity to the relationship between the buyer and the agent, ensuring that both buyer and agent understand their roles and responsibilities. Importantly, it demonstrates a commitment from the agent to dedicate his or her efforts to the buyer’s home search.
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