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Buyers Agreement House

When you`re ready to purchase a new home, signing a buyer`s agreement can help protect your interests. A buyer`s agreement is a contract between you and your real estate agent that specifies the terms of your relationship and outlines the services the agent will provide. It is a legally binding document that safeguards both the buyer and the real estate agent.

Here are some key things to know about a buyer`s agreement:

1. Purpose – The main purpose of a buyer`s agreement is to establish a clear understanding of the roles and responsibilities of both parties. The agreement outlines the services that the agent will provide, including property searches, scheduling viewings, negotiating offers, and helping with closing paperwork.

2. Compensation – The agreement specifies how the agent will be compensated for their services. The standard commission rate is usually around 6% of the sale price of the home, which is split between the buyer`s and seller`s agents.

3. Duration – The duration of the agreement is also specified in the contract. It can be for a specific period of time, such as six months, or until a certain goal is achieved, such as finding a home within a certain price range.

4. Exclusivity – A buyer`s agreement can be exclusive or non-exclusive. An exclusive agreement means that the buyer cannot work with another agent during the specified time period. A non-exclusive agreement allows the buyer to work with multiple agents.

5. Termination – The agreement may be terminated by either party if certain conditions are met, such as finding a home or deciding to work with a different agent. It is important to review the termination clause carefully before signing the agreement.

A buyer`s agreement can provide peace of mind and protection for both the buyer and the real estate agent. It establishes clear expectations and helps ensure that everyone is on the same page. If you`re in the market for a new home, consider signing a buyer`s agreement to safeguard your interests and ensure a successful transaction.