Hi, Allan
I understand about your concerned "as a Buyer" when it come to sign so many forms...all at the same time, Especially when you are buying a property. Mostlikely as a Realtor, We commit to serve our client as best as possible. There are so many forms should be properly used follow in every Buying or Selling real estate transactions. Using particular form in proper real estate transaction will be benefit and protecting both agent and client interest. The fact is there are few real estate agent does not really understand about all forms and how to use all forms properly, this could be lead an issue when something bad happened. As far as your buyer's agent asked you to sign an agreement you could ask his/her explaination and you still have a right to review it and if everything should benefit and protecting your interest "As a Buyer" Why should this form bother you. The important thing is how long the contract will be and should be clearly stated in every contract(When its start and when will be end). Good Luck for everything and please give me a call @ 267-879-2641 if you need more informations or any real estate services...Thanks

Yes in most states agents require a buyers rep. agreement identifies much of process, and protects all parties. Most agents won't even work with you and show 1st property unless you sign the agreement.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

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Allan,
It is true that many agents do not ask their buyers to sign a Business Relationship Agreement. And that is wrong. As professional agents, we are directed to present this document to you before we even show you homes on the market. I actually just wrote a blog about this last week, you should check it out by going to my profile and looking at my most recent blogs.

A Business Relationship Agreement states your rights as a consumer when working with an agent. It actually spells out how we represent you. I am certain that as a serious buyer, you are looking for a serious agent, correct?

If you do not want to sign this agreement then there should be only two reasons why...perhaps the agent presenting the agreement is not explaining it so that you understand it or you may not feel comfortable with this particular agent and would rather interview others until you have a good fit. Both are acceptable, however until you as the consumer sign this agreement, the agent should definitely not present any offers on your behalf. And the reason for this is because that agent will technically not yet be working for you.

If you have any more questions or need more clarification, please feel free to contact me at any time.


Carmel & Dale Archdekin
REALTORS
Coldwell Banker Preferred
223-225 Market Street
Philadelphia PA 19106
Office: 215.923.7600
Cell: 215.680.5998
EFax: 215.940.8207 http://www.cbpref.com
WINNER OF 2008 COLDWELL BANKER ACHIEVERS SOCIETY AWARD

Dear Allan,
It appears that you have an agent who is professional and doing things correctly. Now, if you want your agent to prepare an agreement for you, and NOT represent your interests, you need to sign the Broker Representation Agreement to indicate that too.

If the Realtor you have selected to assist you in your home search is willing to commit their time and resources, and, more importantly, that you trust them to advocate your interests throughout the process, why wouldn't you show them the consideration of working with them exclusively? The seller has committed to someone to represent their interests. Good Hunting!

Renee had a great answer! The buyer agency contract and consumer notice structure your relationship with your agent and outline what duties are owed to you. I imagine it would be quite a sticky legal situation if something went wrong and you tried to prove negligence or misrepresentation without a buyer agency contract. The contract is not just about protecting the agent and receiving a commission. It's also there to protect you.

I wonder how long ago your friends bought homes without signing a buyer agency contract. It may have been that they didn't exist then. Just as another agent said below, buyer agency was not always around. What were your friends' reasons for not signing an agency contract?

I don't understand why you are hesitant to sign with this agent. Remember you can negotiate the terms in the buyer agency contract. EVERYTHING is negotiable in real estate. So if it is the length of time you don't agree with, ask for one you are comfortable with. If it's the commission aspect, again negotiate it. See the web link I listed below for more information about buyer agency.

Create a Great Day!

Kelly Gidzinski
Keystone Property Connections, LLC
Pennsylvania's 1st Green & Energy Efficiency Focused Real Estate Brokerage

Allan,

If you are unhappy with signing it, what makes you so hesitant? Ask the agent if he would be ok signing the contract for representation of that property only. Just be reassured that if you do that, he might wonder why you are not committed to him as he is committed to helping you with the home buying process.

You could always do it for 30 or 60 days. No need to lock yourself in for months.

I would not switch brokers to try and find someone else to avoid signing this contract. Do I sign them? No not really. Have I been burned by clients? Sure have. With real estate you will find most agents have been taken advantage of before and will just want some kind of mutual agreement in order to work together. When you go to a lawyer they dont just work on a verbal until they get to know you. Same really applies. If they had say 10 clients all on verbal it is hard to tell who is committed and who isnt. But when they know someone respects them and will sign a contract to pay them for their services they can devote more time to that individual. We are on a commission not salary so this is why some agents may seem to want it signed more than others.

Sean Dawes



Sean Dawes

Allan,

This is just one thing that is wrong with the real estate profession.

There are Realtors who don't care about consumer's rights and then there are consumers who don't care about their own rights. Until something goes wrong that is and then the consumer goes running to the nearest lawyer screaming that the Realtor didn't explain their rights to them and the Realtor screams that they tried to explain their rights to them but the consumer didn't care or want to hear about them.

So, who's right?

Well, as a consumer, if you don't care about your rights why should anyone else. A Buyer Broker agreement goes hand in hand with the Consumer Notice and they are both there to protect the consumer.

By law, Realtors are required to provide consumers with the Consumer Notice which explains their rights as well as the various agencies there are such as buyer agency, seller agency and dual agency. Once you read about your choices and your rights, you have an option whether to hire a buyer agent or not. If you don't hire the agent, then anything you say can be used against you to benefit the seller. That agent does not represent you and you are simply a customer not a client and there is a huge difference.

The agent who you are dealing with should have been hired before he showed you any properties. A question I have for you is did he show you any of his own listings? If so, and he didn't get written permission from both you and the seller to enter into a dual agency relationship, then he is in violation and he also took away your rights to choose and decide.

If you like not having options or not knowing or understanding your rights, then don't sign it.

Years ago, buyers didn't have the option to have their own representation only the seller did and the playing field wasn't level. I don't understand why any buyer would want just the seller to have their own representation, wouldn't want to have their best interests protected or wouldn't want someone to negotiate the price for them.

Yes, there are plenty of buyers out there who buy homes with agents and think that the agent is representing them but they aren't and that is in part because many agents are just afraid to ask the buyer to hire them fearing that the buyer will go to a different agent who won't ask them to hire them. Just because your friends bought homes without ever hiring an agent, doesn't make it right. Misery loves company!

My advice is to read up on buyer agency and know and understand your rights before its too late or after the fact.

Remember, the Buyer Broker Agreement protects both you and the agent.

Be a savvy buyer not a victim or another statistic.

Renee Porsia
Associate Broker
RE/MAX ACTION
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com

Hi, Allan,

Please be advised that if you do not have an agreement with your agent, he is not legally your representative and does not have any legal obligation to negotiate on your behalf or protect your fiduciary rights.

Typically, I give my clients a contract which only references the properties which I show them. It is more important for me to earn their respect and their business and not try to tie people to me with a contract so that they can't leave me if they are unhappy. We even go out for a few times with just a verbal understanding so that we can get to know each other.

This year, I have had 25 closings with buyers so far - all were done in that way and no one ran away from me. My clients understand that I give them 1st class service so they want to work with me for my many years of experience.

If your agent is so unsure of you, perhaps he is unsure of himself/herself. I began selling real estate years ago when there was no such thing as a buyer contract. This is a service related industry. When you provide good knowledge, service and experience, people want to work with you - contract or not.

If you're not happy in your present situation, let's have a chat.

Carol Murray Cei
ReMax Millennium
215-379-1100 x1720
215-643-9661 cell
carolcei@remax.net

It depends on the agent and broker. My broker always asks for us to get this signed. If a buyer doesn't sign one with an agent at they run around on appointments to see homes for weeks or even months then the prospective buyer decides to go with some other agent that they know of or a friend of a relative, etc, the agent would be SOL. Having this contract between you and your agent ensures that they will work for you and that you will purchase a home through them.

Terrence Charest, e-Pro