Buyer Representation Agreement California
Confused on a buyers rep agreement?
Buyer Representation Agreement Explained: As a professional Los Angeles real estate agent, Craig Thomas will break down everything you need to know about this (sometimes confusing) agreement.
When searching to find a realtor in Los Angeles, you will come across what is known as a buyer representation agreement (or buyers rep, buyer representation contract, buyers representation agreement form, etc)
To clarify, a buyers rep will be a contractual agreement between the Los Angeles realtor and you (the individual/s) looking to buy a home. The buyers rep agreement will form a exclusive representation relationship between both parties. The contracted agent will become your buyers agent in the real estate transaction you two share.
Therefore, you (the buyer) will receive the knowledge and expertise by the buyers agent when pin pointing the property of your dreams. And during the tough negotiations that will take place as you start to negotiate and close on your home.
Buyer Representation: The In’s and Out’s
Are Buyers Agents Worth It?
Absolutely! To start, your interest are professional handled and represented. Partnering with a professional buyers agent to find homes near you in Los Angeles is the same as:
- using an accountant to help you with your taxes
- going to a doctor to help with your healthcare
- or using a mechanic to help with your car troubles
If you had the time, or inclination, to learn everything about being a doctor, mechanic or account, you could perform all 3 of the above yourself. But are you going to really learn it? Do you have the time to devote? That’s why you simply pick up the phone or drive to a professional with a proven track record who can help you.
All the big and small hassles that come when buying a house will be taken care of by your real estate agent. For example, this will include searching and findings homes that fit your criteria. Presenting offers and dealing with negotiations that will pop up.
This will allow you to put your attention elsewhere but still have someone on your side to answer questions and help guide you throughout the home buying process.
Why Should I Use A Buyer’s Agent?
Buyer Representation Agreement Explained
Remember, the buyers agent will be your personal real estate specialist who understands your home ownership needs. Just as the doctor and mechanic understand your needs, the real estate buyers agent knows and understands your real estate needs when looking for a home.
When you find your preferred buyers agent, make sure to keep an open line of communication at all times. To clarify, this means that if something changes when searching for your new home, make sure to advice them. Whether you are now looking in another area, or require a bigger floor plan. You want to keep your buyers agent up-to-date on all the necessary info so that they can help you find a home in Los Angeles that fits your needs. Remember that they can potentially see new homes before you even know they are out there.
Is A Buyers Representation Agreement Required By Law?
Why Having A Real Estate Buyers Agreement Makes Sense
When you sign a buyers rep agreement, remember the key highlight is that you have one of the best real estate agents in Los Angeles working for you. As stated above, your home searching and negotiations will be handled by the real estate agent. When signing a buyers rep with your realtor, remember that this will:
- save you time from have to search for homes on your own
- you will know that the homes you show up to view, fit your criteria exactly
- a professional LA realtor will be handling and negotiating for you throughout the entire home buying process
- most importantly, there will always be a professional by your side to help you with any questions, concerns or bumps along the road
Recent reasons why contracts have been terminated include:
- 21% issues obtaining finance
- 17% issues in regards to home inspections
Conclusion to Buyers Agreement Form
Realtor Buyer Agreement Helps When Finding Your New Home
When you find the correct real estate agent to represent you as a buyers rep, the agency agreement is usually free of charge! And who doesn’t like free?
When you sign a buyers agency agreement, you are agreeing to “hire” the realtor you found. So by law that realtor in Los Angeles must represent your best interest to the best of their ability.
It’s like having your own personal home-buying assistant, but for free!
You may not be aware that most states and provinces require that the sellers agent pay the buyers fee. This is why it is typically free when you sign a buyers rep.
When you are looking to buy homes near you, it makes sense to have a professional helping you.
Have Questions About The Buyers Rep Agreement?
Buyers should be in the know when it comes to a buyers rep agreement.
If you find yourself with any additional questions, contact real estate agent Craig Thomas using the contact form below.