What Does Signing a Buyer Representation Agreement Mean?
On July 1, 2014, the Real Estate Council of Alberta made a Written Service Agreement (often referred to as a “Buyer Representation Agreement”) between a REALTOR® and a client mandatory across Alberta. MaxWell Realty made service agreements with buyers mandatory for its agents over a year ago and I personally have been using buyer agreements for several years.
Much like a contract when you sell your home, a Buyer Representation Agreement clearly outlines the obligations and responsibilities of a REALTOR® and the client.
A Buyer Representation Agreement:
- Explains what a REALTOR® is going to provide to the buyer (client)
- It encourages a discussion about what type of property to view (i.e. single family home or condominium)
- It encourages a discussion of how much the client wants to spend on a home
- It encourages a discussion on compensation for services and length of time to work together
A Buyer Representation Agreement increases the professionalism of our industry by outlining expectations and obligations. It encourages a better working relationship between client and REALTOR®.
If you have any questions about the Buyer Representation Agreement or would like to make an appointment for a buyer consultation to learn about the home buying process, please feel free to contact Marnie Campbell Realty Group.
Watch this video which helps explain the benefits of a Buyer Representation Agreement.