A Buyer Agency Agreement is common practice in real estate and most agents will request that you formalize the working relationship with a written agreement (Realtor.com 2011). On average, an agent can invest 40 – 80 hours in a buyer transaction. Since an agent is paid on a commission only basis, this ensures that they are fairly compensated for their time. Right Size Realty will allow you to break a Buyer Representation Agreement if you are not happy with our service.

We customarily meet a client at a home for an initial face-to-face meeting without a buyer agency agreement so that the buyer has an opportunity to see if they want to work with us going forward. If the buyer makes the decision to work with us, we will request that the buyer sign a Buyer Agency Agreement. Signing this agreement authorizes Right Size Realty to represent you as a buyer throughout the transaction. It helps avoid conflicts of interest and protects your confidentiality. At the same time, it protects the time we invest in finding your perfect home or office and negotiating the best deal for you.  If for any reason you believe we are not representing your best interests, you may terminate this agreement and work with another agent at any time. Please let me know if you have any question.

According to the Mississippi Real estate Commission (March 2013), “All exclusive buyer representation agreements shall be in writing and properly identify the terms and conditions under which the buyer will rely on the broker for the purchase of real estate; including the sales price, the considerations to be paid, the signatures of all parties to the agreement, and a definite date of expiration. The buyer may terminate the agreement upon fifteen (15) calendar days written notice to the buyer’s exclusive agent. An Exclusive Buyer Representation agreement shall clearly indicate in the body of the document that it is such an agreement (MREC 2013).”

If you have any questions about a Buyer Agency Agreement, please feel free to contact us.

Reference:

Realtor.com (February 10, 2011). Should I Sign a Buyer Contract? Retrieved from: https://www.realtor.com/news/real-estate-news/should-i-sign-a-buyer-contract/

Mississippi Real Estate Commission (MREC, March 2013). Rule 3.2 Documents Section C.  Retrieved from: http://www.mrec.ms.gov/docs/mrec_license_law_MREC_RULES_FINA-WITH_SOS_APPROVAL_revised_march_2013.pdf