What is a Buyer's Agency Agreement?

Dated: October 14 2021

Views: 112

A question we get asked a lot by clients, and prospective clients, is “do I have to work with a specific agent throughout the buying process?” The answer to that is…. typically yes, although the terms can be negotiated. 

 

When deciding to start a home search, most agencies will ask that you sign what is called a Buyer’s Agency Agreement form.  This form, also known as a Buyer's Representation Agreement, is an agreement that a prospective buyer will sign that authorizes a licensed brokerage firm, and usually a specific real estate agent, to represent the buyer in buying a home. 

 

This form is a way of confirming a commitment to working with a particular agent or firm. This document is negotiable and should be comfortable for the buyer and the agent.

 

Here at MOXY, we don't require clients to sign a buyer's agency agreement until after at least one meeting and/or showing appointment. 

 

Before signing a buyer's agency agreement, the buyer should be sure that they want to work with the agent and the brokerage firm. Some buyer's agency agreements require the buyer to pay compensation to the buyer's agent even if that agent does not find the home purchased. At MOXY we will never require a buyer to pay commissions.

 

Buyer's agency agreements also often address the conditions of the brokerage firm the Dual Agency Policy. Dual agency occurs when a brokerage firm or an agent represents both the buyer and the seller in the same transaction. 

 

To protect the interests of all our clients, MOXY Agents will never act as both the buyer's agent and listing agent in the same transaction. However, you can always work with a MOXY Agent to buy a MOXY listing. 

 

We want all buyers to be comfortable working with us. This agreement is necessary only to ensure that there are no misunderstandings regarding the commission and who the buyer’s agent is representing. 

 

If you're ever unhappy with our service, you can cancel your agreement at any time. 

 

As always, we are always happy to answer any questions you may have about the buying or selling process, so always feel free to reach out to us.

 

Blog author image

Holly Montilla

Holly understands that buying or selling a home is more than just a transaction: it's a life-changing experience. That's why her team of highly-seasoned real estate professionals is dedicated to provi....

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