SIGNING A BUYER’S REPRESENTATION AGREEMENT A Buyer’s Rep Agreement is a contract between the Buyer and the Real Estate Broker. As a Buyer, you are saying “I will work only with you as my agent. If I buy a house thru another agent while under contract with you, I will pay you a commission.” As a Broker, I’m saying to the Buyer, “I will work representing you in buying your next home. My goal is to help find you the best house at the lowest terms. I’m looking after your best interest.” The agreement lays down the responsibilities of the Buyer and the Agent. If you haven’t picked an agent to work with yet and you are looking around at houses with different agents, keep this in mind: if you want to look at a house and the agent tells you that they will NOT show you the house unless you sign a 3 month buyer’s rep agreement with them, RUN, don’t walk. You need to be sure that this agent is actually someone you want to work with. Also, keep in mind that the agent and the company they work for represents the SELLER of this property. Instead of getting the representation you want, you could find yourself in a DUAL AGENCY situation. There is also a clause in the Buyer Rep Agreement that states “if the Seller does not pay the commission, you will agree to pay the agent’s commission at closing.” AT BUYER’S SOURCE, REALTORS we do things a little differently. We do not have you sign a Buyer’s Rep Agreement until you have a chance to get to know us. Also, when you sign a Buyer’s Rep Agreement with us, it can be cancelled with a 24 hour written notice (by either party). Believe it or not, we have cancelled agreements in the past. We do not want to work with anyone that does not want to work with us. This is a no win situation for both parties. Also, there is NO charge for our services to the Buyer. We delete the clause that states you will pay us if the Seller doesn’t. We are committed to our Buyers and we believe that after you get to know us, you will be committed to us. This is the way we prefer to do business
