If you`re in the process of buying a home, you may have come across a document called a « buyer representation agreement » from your real estate agent. This agreement is essentially a contract between you and your agent, outlining their responsibilities and services during your home search and purchase process.
One real estate agency that commonly uses these agreements is RE/MAX, a well-known and respected brand in the industry. In this article, we`ll take a closer look at the RE/MAX buyer representation agreement and what it means for you as a homebuyer.
First and foremost, it`s important to understand that signing a buyer representation agreement is not required by law. However, many agents may request that you sign one as a way to formalize your working relationship and ensure that both parties are on the same page.
So, what does the RE/MAX buyer representation agreement include? Generally, these agreements will outline the following:
– The length of the agreement: This is the duration of time that you and your agent will work together. RE/MAX agreements typically last for a period of 90 days, though this can vary.
– The scope of the agreement: This section will outline the specific services that your agent will provide to you, such as helping you identify homes that meet your criteria, scheduling showings, and negotiating with sellers.
– Fees and compensation: Your agreement will detail how your agent will be paid for their services. In most cases, the seller of the home will pay the commission to both the buyer`s and seller`s agents. However, if you purchase a home that is being sold by an owner (FSBO), you may be responsible for paying your agent`s commission.
– Termination clause: This section outlines the circumstances under which either party can terminate the agreement early, as well as any fees or penalties that may be assessed.
It`s important to note that signing a buyer representation agreement does not lock you into working exclusively with that agent. If you find that you`re not satisfied with their services or would prefer to work with someone else, you can terminate the agreement and seek out a new agent.
Overall, signing a RE/MAX buyer representation agreement can provide you with added peace of mind during the homebuying process. By formalizing your working relationship with your agent, you can ensure that you`re both on the same page and working towards a common goal. If you have any questions or concerns about the agreement, don`t hesitate to discuss them with your agent before signing.