What is a Buyer Representation Agreement?
A Buyer Rep Agreement will vary from brokerage to brokerage but essentially, it should list, among other things, the parties (the agent and buyer), the specific property or general location of the home search, the duration of the agreement, and the commission the buyer’s agent is charging. If the seller or listing brokerage isn’t offering the amount of commission the buyer’s agent requires, the buyer will be responsible for paying the difference agreed to on the Buyer Rep Agreement. Commissions are and have always been negotiable. Most sellers I’ve encountered are still offering a buyer’s agent commission. If I am working with you as your buyer’s agent I will always try to get the seller or listing brokerage to pay my commission.
Different Experience
If you’ve purchased a home before you may notice this is a different experience from the way you previously purchased property. The Buyer Rep Agreement requirements are in response to a lawsuit that was settled earlier this year by the National Association of Realtors. Some states already required this document but it’s new to Florida. It basically ensures that the real estate professional representing you in your transaction gets paid for that service and that you are represented fairly. Many sellers are still offering buyer’s agents commission. Coldwell Banker has a document stating we can skip homes in our search where sellers are not offering commission or are only offering a certain amount. This is up to you as the buyer to decide whether or not you’d like to see or skip those properties. For more information:
https://www.nar.realtor/the-facts/what-the-nar-settlement-means-for-home-buyers-and-sellers
