A Buyer’s Agent Agreement is a legal contract between a home buyer and a realtor who agrees to represent the sole interests of the buyer. Without such an agreement, a real estate agent could possibly be more concerned with the seller’s interests, especially since commission is based on the sale price of a property – providing an incentive to get a buyer to pay more.
This legal document is a fiduciary duty on the part of the real estate agent. While representing a buyer, the agent is not permitted to disclose any information that might compromise the buyer’s position in a sale. The agent must strive to create a deal that’s in the buyer’s best interests.
For instance, if you want to buy a house with the proceeds from an insurance settlement, but want to keep some of it back for savings, your agent is not allowed to tell the seller what the full amount of the settlement is. The seller could exploit this knowledge of your financial circumstances and counter with a higher offer.
The agreement can be either exclusive or open. In an exclusive Buyer’s Agent Agreement, you agree to only go through your buyer’s agent on any property transactions, including “for sale by owner” transactions, in a specified time period – for example, 90 days. You cannot work with any other agents during this time, and your agent is bound to act responsibly when negotiating and making offers.
An open Buyer’s Agent Agreement holds the agent to a fiduciary duty but doesn’t prevent you from working exclusively with that agent.
The Buyer’s Agent of Asheville is dedicated to help clients find homes they can adore and afford. With its team of 10 experienced real estate brokers, The Buyer’s Agent of Asheville has been loyally assisting home buyers in the Asheville, North Carolina area. We’re focused to search for ideal homes without distractions, shady deals, and conflicts of interest. Please make an appointment to visit our offices at 82 Patton Ave, Suite 211, Asheville (map) by calling our 24/7 service number: (828) 210-4663.