| There are few things that are as stressful as buying a | | | | agreement would state that if they decide to buy that |
| home, especially for the first time. There are so many | | | | house or any house that was previously looked at |
| things to consider, such as the size of the home, the | | | | prior to the agency agreement, the agency would not |
| location it is in and whether it has a good school district. | | | | be entitled to any form of compensation. |
| Many purchasers opt to have a real estate brokerage | | | | This can also include the homes that the purchaser |
| represent them in the sale. The responsibility of a | | | | has looked at, that had a seller who was represented |
| person licensed to practice real estate is to act as a | | | | by an agency, but the purchaser did not have |
| liaison between the selling and purchasing parties to the | | | | representation at the time of the viewing. This is why it |
| transaction. An agreement must be signed by the | | | | is so important for a buyer to be clear when detailing |
| agency and the purchaser in order for the licensee to | | | | to a prospective broker or agent, any type of |
| represent them during the course of the transaction. | | | | contingencies that they may have. Brokers usually |
| The written agreement between an agent and a client | | | | have pre written agency agreements and there are |
| must be clearly detailed, prior to any transaction taking | | | | usually several kinds that the buyer can choose from. |
| place. This includes the names and addresses of both | | | | The exclusive Right to Represent Buyer/Broker |
| the purchaser and the company agreeing to represent | | | | Agency agreement is the one that is typically used to |
| them. It may also detail such things as the estimated | | | | detail the agreement between the buyer and the |
| price range of the purchaser as well as any | | | | agent. In this agreement, the purchaser consents to |
| contingencies they may have. For example, one | | | | allow the agent to represent them on an exclusive |
| contingency may be that they are already considering | | | | level. It also details the amount of commission the |
| a certain home from a person without any agency | | | | purchaser agrees to pay for the service, as well as |
| representation, such as a friend or relative. The | | | | the length of time the agent is given to represent them. |