I am looking to buy a home (my first). My sister just said something about "signing a contract with the realtor" however the realtor I?ve been in communication with hasn?t brought that up. Does one always sign a contract with a realtor? What does it cover? For whose benefit is this, mine or the realtor?s? Is this common practice?
I?d like to get some background information on it before discussing it with my realtor, if I can ascertain that this is a valid, common practice,
Why would he not have mentioned this contract to me before?
It is more and more common, but not at all typical for a buyer?s agent to have a buyer sign a "Buyer?s Broker Agreement". The contract basically says that if you buy real estate in the next "X" months you agree to do it through thte agent so they can make a commission. Since you are committing to them then they will commit to you and spend hours and hours running around and showing you all kinds of property.
I have been working with buyers for over 10 years and have never asked someone to sign one. I think that it suits me better to develop a relationship with my clients. I have not had a problem with clients leaving me ? but that may be an issue for other agents. Some agents use these agreements only for those clients they "get a feeling about" in order to avoid getting taken advantage of.
Source: http://www.opovestirepezi.com/realtor/what-is-signing-a-contract-with-a-realtor-about
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