When it comes to buying a home, having a realtor by your side can be incredibly helpful. From finding the right properties to negotiate the best price, a realtor can make the process smoother and less stressful. However, to ensure that you and your realtor are on the same page, it`s essential to establish a buyer`s agreement.
A buyer`s agreement is a legal document that outlines the relationship between a buyer and their realtor. It establishes the terms of engagement, including the services the realtor will provide, the commission structure, and any limitations or exclusions. Here are a few things to keep in mind when entering into a buyer`s agreement with your realtor:
1. Understand the Commission Structure
Typically, realtors work on a commission basis, meaning they only get paid when a property is sold. In most cases, the commission is split between the buyer`s agent and the seller`s agent. Before signing a buyer`s agreement, make sure you understand how much commission your realtor will charge and when that commission will be due.
2. Clarify the Scope of Services
A buyer`s agreement should clearly outline the services the realtor will provide. This might include helping you find suitable properties, scheduling and attending showings, negotiating the purchase price, and assisting with financing and paperwork. Make sure you and your realtor are on the same page about what services they will provide and any limitations or exclusions.
3. Establish the Timeline
Buying a home can be a lengthy process, but having a clear timeline can help keep things on track. Your buyer`s agreement should outline key milestones in the buying process, such as when you`ll start looking at properties, when you`ll make an offer, and when closing will occur.
4. Protect Your Interests
A buyer`s agreement should also include provisions to protect your interests. For example, it might specify that your realtor must act in your best interest and disclose any conflicts of interest. It might also include provisions for terminating the agreement if you`re not satisfied with your realtor`s services.
In conclusion, a buyer`s agreement is an essential document that can help ensure a smooth and successful home-buying experience. By understanding the commission structure, clarifying the scope of services, establishing a timeline, and protecting your interests, you can establish a solid working relationship with your realtor and ensure that everyone is on the same page.