Buyers

Common Questions for Buyers

Tips for First-Time Home Buyers

What To Offer

Best Home for You and Your Family

Consumer Household Safety

Energy Saving Tips

Home Inspections

Living Well and Stress-Free

Hiring a Real Estate Appraiser

Title Insurance

Home Warranty

Homeowners Insurance

To Downsize?

To Upsize?


Sellers

Common Questions for Sellers

22 Questions

Determining Market Value of Your Home

How Long To Sell My Home

Listing with a Realtor®

Am I Priced To Sell


Finance

Mortgage Information

Getting That Perfect Mortgage

Get Pre Approved

How Much Do I Qualify For

Avoiding Irresponsible Lending

Managing Home Equity Lines of Credit

Protect Your Biggest Purchase


Home Improvements

Value of Home Improvements

Painting

Staging Your Home for Sale

Staging Your Kitchen for Sale

Staging Your Living Room for Sale


Moving

Planning Your Move

Hiring a Moving Company

Moving with Children

Self-Moving Advice and Tips

 

Buyer Agency Agreement

The mere mention of the word ‘contract’ leaves many feeling trapped and wary, often rightfully so. The Buyer Agency Agreement, however, is not a contract to be feared. It is important to understand who your realtor is working for and the buyer agency agreement outlines this in writing, making it a legally binding contract. By choosing to work with a realtor and signing the Buyer Agency Agreement, the buyer is guaranteed the very best in real estate service. Any questions about the Buyer Agency Agreement can be answered by a professional realtor – just give yours a call!

When a seller lists his home with a listing agent they form an agreement which states that the realtor must act for the sole benefit of the seller at all times. Most buyers assume that their realtor is working on their behalf, but without the buyer agency contract the realtor actually works as a sub-agent of the seller and therefore, has a fiduciary relationship with the seller, not the buyer. Without a contract, your realtor is obligated to present a case that will support and protect the value of the property that the buyer is purchasing, but the rules change when a Buyer Agency Agreement is signed.

Once the agreement is signed, the buyer’s agent has a duty to educate the client. The agreement confirms your realtor’s commitment to making the best effort for you by promoting and protecting your interest at all times. This means that your realtor can now advise you of any defaults in the property; defaults which may even cause you to reject the home in favour of something more suitable. Realtors must give priority access to their clients and are obligated to use techniques and strategies that help advance the position of their clients. They must also disclose all details about the property, including information on any previous offers, financial and motivational details about the seller, and any knowledge that may strengthen the buyer’s position. The realtor must work harder for you and make every effort to find you the home that best fits your needs and lifestyle, while negotiating the best possible price to meet your budget. The Buyer Agency Agreement was written with the buyer’s best interest in mind.

Again, if you have questions or concerns about the agreement, you should contact your realtor – they are highly trained professionals with a wealth of experience in the real estate market.

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Kim Shears-Bailey
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(780) 788-9977
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Each office Independently owned and operated
RE/MAX Fort McMurray
9919 Biggs Avenue
Fort McMurray AB T9H-1S2
Office (780) 743-1369
Fax (780) 743-4369