Contract between Buyer and Real Estate Agent

When it comes to buying or selling a home, it`s important to have a solid contract in place between the buyer and their real estate agent. This contract will outline the terms of the agreement between both parties, and ensure that everyone is on the same page.

The contract between a buyer and their real estate agent is typically called a buyer`s agency agreement. This document outlines the responsibilities of both the buyer and the agent, as well as the terms of the agreement. It`s important for buyers to carefully review this document before signing, as it will outline the commission that the agent will receive upon the completion of the sale.

One of the key elements of the buyer`s agency agreement is the length of the agreement. This is the amount of time that the buyer agrees to work exclusively with their agent. The length of the agreement can vary, but is typically anywhere from three to six months. During this time, the buyer agrees to only work with the agent they have signed the agreement with, and the agent agrees to work exclusively with the buyer.

Another important element of the buyer`s agency agreement is the commission that the agent will receive upon the completion of the sale. This commission is typically a percentage of the sale price of the home, and is paid by the seller. The commission percentage can vary, but is typically between 2.5 and 3 percent.

The buyer`s agency agreement will also outline the responsibilities of both the buyer and their agent. The buyer agrees to work with the agent exclusively, and to provide the agent with any necessary information about their home search. The agent agrees to assist the buyer in finding a home, and to represent their interests throughout the home buying process.

Finally, the buyer`s agency agreement will outline the conditions under which the agreement can be terminated. This could be due to the completion of the sale, expiration of the agreement, or any other circumstances agreed upon by both parties.

In summary, the contract between a buyer and their real estate agent is an important document that outlines the terms of their agreement. It`s important for buyers to carefully review this document before signing, and to work with an experienced agent who can help guide them through the home buying process. By having a solid contract in place, both the buyer and their agent can have a successful and stress-free home buying experience.


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