Buyer Brokerage Agreements

By
Real Estate Sales Representative with Century 21 Foothills Real Estate Lethbridge

Hello all.  Is anyone familiar with Buyer Brokerage Agreements.   I would like anyone`s comments about them.  Do you use them.  What is the response .  If you are a member of the general public, a buyer brokerage agreement is where your realtor has you sign an agreement that she he is working for you and that they will use all of their knowledge etc. ability to find you a home and to represent you in that purchase.  This is their contract with you.  On the other hand, it is your responsibility to call your realtor on any property you are interested in so that they can represent you to the best of their ability.  It is also(according to some contracts) the purchasers duty to not buy without their realtor`s involvement in the negotiations and to pay an indemnity to the realtor if the purchaser buys without the realtors involvment.  In this way the client is protected because they have a professional representing them and the realtor is protected because he or she is guaranteed to be paid for their work. 

So, does anyone have any experience with these things.  I am interested to know whether I should start instituting them or not.  Chris R

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Chris, I work with a lot of Realtors in Florida. For the most part when I have asked them if they have used them. Most of the  professionals have told me no because competition is so strong and plus either you work with your client or  you don't
Nov 29, 2007 03:19 PM #1
Rainer
32,350
Linda Futral
Newnan, GA
I do them but only when we get to the point of writing a contract.  My broker does not require them but all the other brokers I have worked for did so I got to the point where it is habit.  I just explain that I can't submit the purchase and sale without a legal contract between me and the buyer.  I haven't had any issues with it ever.
Nov 29, 2007 03:20 PM #2
Rainmaker
125,720
Krisy Clayton~
Windermere Real Estate/Lake Tapps, Inc. - Lake Tapps, WA
"Where Commitment and Possibilities Meet"
I do not use them, I am sure my broker would like me to do so. I think you can read a client pretty early on if they are committed to working with you and understand it is a 2 way commitment then there is no need, they would probably feel guilty went elsewhere. I have only had about 2 situations where I wished I would have used them, now I can read clients pretty easily and determine my level of service.
Nov 29, 2007 03:32 PM #3
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Rainer
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Chris Robinson

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