This is the most common buyer brokerage agreement between home buyers and brokers. This agreement describes the broker`s obligations, broker-agent relationship and buyer`s responsibilities. What characterizes this contract is that the buyer cannot keep more than one broker to help him. It puts the amount of commission to be paid to the broker that is due, even if the buyer finds the house itself or another broker does so. But if another party pays the commission to the real estate agent, the buyer is not obliged. The non-exclusive agreement defines the broker/agent`s obligations and obligations to the buyer, agency relationships, brokerage volume and buyer`s obligations; It does, however, provide for compensation. It also removes the buyer`s responsibility to pay a commission if the broker/agent is paid by another party such as the seller. It is a part of the contract that often confuses buyers. Often they do not understand that they do not pay the fee.
It is in the interests of both parties that a lawyer review the agreement as soon as it has been drafted before the signing. If you intend to use sales contracts on a regular basis, it is often preferable for a lawyer to develop a standard legal document that you can use repeatedly and make adjustments for each particular case. Non-exclusive non-compensation contracts may be terminated at any time by the purchaser or agent. This type of contract allows you to work with any other agent if you wish, and there is no compensation paid to the broker. Each year, RECO hears about consumers who have signed either an RR contract or a list contract and then realized that they had agreed to terms they did not want. That`s why it`s important to read any document your broker invites you to sign, ask your seller to pass you on and show it to a lawyer. Think about it: if you`re shopping in a store and a sales agent really took the time to help you find exactly what you were looking for, they deserved the commission on your sale. Well, let`s say, after all the work of the salesman, another who fights directly at the end, calls you and takes the order of the first employee. I don`t agree, do you? This is the kind of amusing deal that a brokerage contract protects a real estate agent against.
Gone are the days when a simple handshake could consolidate a work agreement between a buyer and his real estate agent. Instead of a handshake, buyers` brokers present buyers with a document called the Buyer Broker Agreement – and you may not know what it is! Browse the home lists, dream of the next chapter of life, finally reach your goals for your home – these are all the exciting things you look forward to when you decide to buy a home. And while all this is definitely part of fun and games, the staff of a real estate agent and their buyer`s agent agreement could get you out of the dream home buying country for a second. But don`t worry. If an agent you want to work with presents you with a buyer`s agent agreement, it`s not a sign that you`re going over your head.