Buyers Agency Agreement – Should you sign?
What is a Buyer’s Agency Agreement All About? You have started your cottage search for the perfect spot in Lake of Bays, Muskoka. You are scouring the MLS through Homes Across Canada/Realtor.ca every day…well let’s be honest, 3 times a day…okay, more like 5. But this is serious business; you have narrowed your search to five “favourited” sites. You don’t want to miss anything!
If you’ve begun looking for a cottage and you’ve called our team, you can be sure that I am going to ask if you are working under contract with another agent. After we meet to review your cottage needs, I am going to talk about the Buyer Agency Agreement. Yikes!!! Our first date and I’m already discussing a contract. You have heard and read about buyer agency contracts. You sure don’t want to be locked into one you can’t get out of; or when you buy a property do you have to pay the Real Estate fees. Oh no – no way! So, what is this form? What do you mean it is a good thing for me, the buyer as well as the agency?
Let’s talk about the facts of real estate buying and contracts. Oh good grief…contracts…again!
Here are the facts about the document:
A Buyer Representation Agreement is a legal document that formalizes your working relationship with the brokerage and details what services you are entitled to and what the agent expects from you in return. The language used in the Buyer Agency document is formal. As a buyer you should view it as an important tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services you will receive.
You can expect to receive a higher level of service with this formalized agreement. As a Buyer you get the expertise of an experienced professional and you usually pay nothing: in almost every case the Seller pays the commission or fees. The agreement centers on loyalty – which is what both you and the agent want. A signed agreement helps avoid misunderstandings and makes clear where different interests lie.
What happens if you sign the agency agreement and are not happy with the level of service? Agency relationships are based on mutual consent. While most representation agreements specify a time period, they can be terminated early if both parties consent. If you signed this agreement with the Richardson Team and we do not meet your expectations, just communicate this in writing to us. The client is always right and if we have disappointed, then we will cancel the agreement. Guaranteed! What happens if we don’t feel a connection with you, the client? Personalities don’t always mesh – we understand that. As professionals, if we just don’t think we are the right match for you and things are not feeling right, we will tell you and cancel our agreement.
Everything works better in an agreement when trust and respect are the cornerstones. Remember a Buyer Agency Agreement protects not only the agent, but you, the buyer, as well. My team will review the contract with you; before signing anything, one needs to understand the document. If you think we are a good match, and we think the same, then it’s time to formalize our agreement, thus ensuring the interests of us all. With the signing of the Buyer Agency Agreement, we embark on a transparent, happy relationship! Helping you find the perfect property is the goal of the Richardson Team.