Exclusive Buyers Agency Means No Dating Around

Debbie Reynolds's picture
Exclusive Buyers Agency

Real estate agents ask buyers to enter into an exclusive representation agreement with them for the buying of real estate. The agent wants to be assured the relationship will end on a favorable note at the closing table. This agreement creates a contract between the parties and agency and it spells out how an agent is to be paid for their services. It is an exclusive relationship and a commitment is expected.

In Clarksville TN this means that the buyer will work only with that one real estate agent until the end of the agreement period or until a property has been purchased by the buyer. In other words it doesn’t allow the buyer to do any dating around with other agents. The relationship is to be exclusive. Do not let other agents try to lure you away. Tell them you are already working with your agent.

Should a buyer be wary of such an agreement? First let me say you need to know about your agent and what your agent will do for you before you sign. As a buyer you should ask questions, qualifications and the course of action the agent will take to assist you in your home search. If you are satisfied and that arrangement sounds good and meets your expectations then don’t be afraid to enter into an agreement with the agent. The time periods are negotiable and so are other terms of the agreement. Read all the small print and know what you are signing.

When an agency relationship is established with the buyer, the agent is to give his or her loyalty to that client above their own personal interests. The agent owes obedience to the buyer as long as the buyer is not asking the agent to do anything unethical or illegal. In addition these other duties are to be given to all parties of a transaction; reasonable care, accountability, disclosure of adverse facts, deal in good faith and honesty and accountability of funds and documents put in the agent’s trust.

So you see there is a lot of responsibility that the agent takes on and in return the agent wants assurance that the buyer will be faithful and not run around with other agents. The trust has to go both directions. Agents invest lots of time and skill in trying to match the right properties to the buyers. And when a match is made and a contract has been negotiated, there is still more work to be done. There are inspections, repairs, conditions, appraisals and possible title issues that have to be resolved. The work is not done until the property has closed and even may continue for a time after that.

Exclusive Buyers Agency has many benefits to the buyer and should be taken seriously as a commitment. Remember no dating around.

If you need a representation in Clarksville TN, contact Debbie Reynolds of Berkshire Hathaway HomeServices PenFed Realty.

Comments

Submitted by Kansasstudy (not verified) on
What if the home buyer is not happy with the services of the agency. What should she do?

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