The mere mention of the word “contract” makes many prisoners and suspicious, often with good reason. However, the Buyer Agency Agreement is not a contract to be feared. It`s important to understand who your REALTOR® works for, and the buyer`s agency contract describes this in writing, making it a legally binding contract. By deciding to work with a REALTOR® and sign the Buyer Agency Agreement, the best real estate service is guaranteed to the buyer. All questions regarding the Buyer Agency Agreement can be answered by a professional realtor® – call!! In the case of a buyer, the agency relationship gives the broker the exclusive right to represent a buyer in the “purchase, option or exchange of real estate or cooperative units”. For a seller, the agency relationship gives the agent the exclusive right to “sell, exchange or transfer your property”. If you read that right, buyer, I hope you`re wondering, “Who would want that?? It looks like the bridge is unfairly stacked. We think that`s the case. If you look at the many moving parts of a real estate negotiation, it is very beneficial for the buyer to have an agent who represents them and helps them find a home that meets their criteria, as well as a local lender who has the right credit product for their needs. An experienced local purchasing service helps to set a price and a negotiation strategy. A buyer`s agent will be able to do a market benchmarking, CMA, which will help the buyer make a good offer. As a buyer, you don`t want to pay too much, but you also don`t want to lose in a competitive offer scenario. You want to make sure that the house will be valued close to your offer price when you finance the house.
After the first of October of this year, the Maryland Real Estate Commission eliminated the alleged agency. When a buyer meets for the first time with the representative of a potential buyer, he should, in accordance with the law, sign a buyer`s agent contract. The terms of the buyer agency contract are fully negotiable. A buyer can hire a buyer`s agent for a day, week, month or year or any period of their choice. Last Thursday, the Greater Capital Association of Realtors (GCAAR) introduced procedures to follow if a buyer or seller wishes to terminate their relationship with the agent. Previously, the seller and agent had already agreed in advance on an amount that the seller would reimburse the agent for advertisements and other expenses before separating. . . .