Why Sign a Buyers Agency Agreement?

Disclosure and Representation are the two most important things a buyer needs to understand before looking at homes with a real estate agent. Who is representing you and what is required to be disclosed is outlined in a Buyer Agency Agreement. A Buyer Agency Agreement denotes that you, the buyer, is agreeing to work exclusively with a particular agent when purchasing your next home. Furthermore, and possibly more importantly, this agent is agreeing to represent you and your best interests throughout the transaction.

When an agent shows another agents listing to a buyer whom is not under Buyer Agency Relationship with them, the agent actually represents the Sellers best interest. Therefore, any information the buyer gives about their position to buy, what they would offer, etc. is reported back to the seller! If that doesn’t entice you to sign an agreement, nothing will. In order to avoid any confusion, we only show other agents listings to buyers who have signed an agreement with us.

If you are only planning to look at one house and are hesitant about being bound to that agent without getting to know them first, it is possible to sign an agreement for a single house or a single day if so desired. If you choose to continue working with that agent, you can extend the agreement at the end of the showing/day. However, don’t be surprised if an agent refuses this option. An agent may feel they need a certain level of commitment from a buyer before devoting a day to them.

Unlike a seller agency agreement, typically, the buyer agency does not commit you to paying a commission. In most markets, the seller pays the full commission. However, there may be a small processing fee associated with the agreement, which is paid by the buyer.

Buyer Agency was derived the help protect the buyers best interest so rest assured, signing with an agent you are comfortable with is the right thing to do. When agents and buyers agree to work together, exclusively, it makes for a much more open and honest real estate transaction.

-Andrea Stanaway, Senior Buyer Specialist, The Buckley Jolley Real Estate Team