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Understanding the Buyer Agency Agreement

hand of businessman with pen, signing agreement

When beginning your search for Owen Sound Homes for Sale your first step is to speak with your trusted Owen Sound REALTOR®. Whether this is your first time, or you are a seasoned buyer, working with an Owen Sound Real Estate Agent can be incredibly beneficial. They will help you find the home that is right for you and assist with negotiating the offers. Deciding to work with a Real Estate Agent means you will enter into an agreement known as a Buyer Agency Agreement. Like any contract, take the time to read through the Buyer Agency Agreement, especially for first time homebuyers. The Agreement should clearly describe the options available to you, the duties and responsibilities of your REALTOR®, and the compensation that you are to pay once the purchase of your new home is complete. This amount can be negotiated at this time based on a number of factors such as your budget or how well you know your Real Estate Agent.

What is a Buyer Agency Agreement?

The Buyer Agency Agreement is a contract stating that the REALTOR® of your choosing represents you during your search of Owen Sound Homes for Sale as well as through out the purchase process. In the agreement it will state that you will pay your REALTOR® a negotiated fee upon the purchase of your new home. This fee depends on the Agent you are working with. It may be in the form of an hourly rate, a flat fee, or a commission percentage based on the purchase price. Buyer Agency Agreements have many benefits, here are just a few.

  • Peace of mind that your best interests will be protected
  • Diligent and attentive service
  • Working as a team with your Agent to find the best home for your needs

Can I opt out of a Buyer Agency Agreement?

The short answer is of course you can! You never have to sign anything you do not wish to. You should consider the benefits it offers you as a home buyer before you make any decisions.