What do Buyer Agency and Representation Agreement do for me?
Buying a Home or Property
Buying a home changed a bit on August 17, 2024, as part of a settlement between the National Association of Realtors® and the Department of Justice and a Buyer Representation Agreements are now required Nationwide between a Buyer and their Buyer Broker before seeing a property.
Accredited Buyer Representatives or ABR® designated Brokers, have been using the original form for 20 plus years. The “Agreement” is similar to the Listing Agreement the Seller has with the Listing Broker, basically outlining the duties and obligations when it comes to finding and purchasing a home and, how the Buyer Broker is compensated and paid for their service.
Purchasing a home is a major milestone in a person’s or family’s life and, the Buyer Representation Agreement outlines and ensures the Buyer is aware of the details when it comes to hiring a Broker to guide them through that process.
Now for the fun stuff!
Why am I wanting to buy a home?
Have my family needs changed?
How do I get qualified to buy a home?
Am looking for a particular area or neighborhood?
Will I need to sell an existing home in order to buy?
As your Buyer Broker, I will advise and guide you through the real estate buying process of new, resale or For Sale By Owner (FSBO) home as needed. As a result of litigation involving some major players, having a a written agreement is now a requirement, and I can walk you through it.
As your Buyer Broker, I will help you select the right property, negotiate price and repairs as necessary in order to get the best possible price for your new home, I will guide you through the process from start to closing.
* BUYER REPRESENTATION AGREEMENTS WILL VARY DEPENDING ON LOCAL, STATE, MULTIPLE LISTING SERVICE (MLS), ASSOCIATION RULES AND REGULATIONS.
* BROKER COMPENSATION IS NOT FIXED, CONTROLLED OR RECOMMENDED AND IS FULLY NEGOTIABLE.
* BROKER COMMISSIONS ARE NOT SET BY LAW AND ARE FULLY NEGOTIABLE.
What does a Buyer Broker Do for Me?
As your Buyer Broker, I provide the guidance as an Experienced Realtor®/Accredited Buyer Representative or ABR®, we will meet, review and select the *Buyer Representation Agreement fits your initial interest and the duties and obligations as outlined in one of the following:
One-time Representation -not all of the following
Limited Representation - not all of the following
Short Form – all of the following except for Intermediary
Full Form – all of the following
We will review and negotiate the Buyer *Broker Compensation and signed the selected Representation Agreement.
Based on the signed Agreement selected, I will do the following:
Help analyze your needs, wants and come up with a road map to the buying process
Connect Buyer with reliable and local lenders to guide you through prequalification process.
Provide real-time real estate listings that fit your general needs and wants for review
Schedule the appointments and walk you through “your” selected properties of interest
Provide an Intermediary Option for personal and in-house listed properties
Analyze with Buyer the details for properties found of interest and draft an offer to the Seller
Facilitate negotiations between Seller and you “Buyer” terms and conditions most favorable to you as the Buyer
Facilitate negotiations with the Seller for the payment of all or any portion of the Broker Compensation
Provide you with reliable local property inspectors for your structural mechanical inspection
Attend and provide access to the property scheduled for Buyer inspection
Analyze the details of the inspection with you and draft Amendment for repairs to the seller
Depending on property, condition and age, additional inspections may be needed
Depending on inspection result additional investigation(s) may be needed
Facilitate negotiations between the Seller and Buyer the best option for repairs, allowances or both
Ensure potential Amendment(s) to the Buyer Representation Agreement is signed by all parties
Ensure all Documents, Amendments and Addenda to the “CONTRACT” are fully signed and distributed to Buyer, Seller, Lender and Title Company
Ensure any and all timelines written in the Contract are followed and modified if necessary
Ensure any and all Lender inquiries and exceptions and conditions are addressed and cleared
Ensure any and all Title inquiries and exceptions and conditions are addressed and cleared
Ensure any and all repairs are addressed and completed prior to closing
Schedule a pre-closing Buyer walk-through a few days prior to closing
Assist and guide with resolution for issues, concerns, etc. prior to closing
Attend closing with the buyer(s) to ensure that everything goes smoothly
