While most of the answers you received below are correct in what they are saying, none of them really explain why it's in your best interest to sign this agreement and be represented by a Buyer's Agent.
An agent is either going to represent the seller, the buyer, or sometimes neither party. If the real estate agent represents the seller, then their allegiance is legally with the seller. Not a very good scenario for the buyer. In that scenario, any of your information may be shared with the seller. This doesn't happen often, but legally if the agent is not working for you, then most of the time they're working for the seller.
On the other hand, if you sign the buyer agency agreement, they will then represent you, and any information they have or can gather about the seller, will be shared with you, and all of your information will never be shared with the seller. The agent negotiates on your behalf, and represents you the best way they can. They should be looking for all the pros and cons about a home and pointing them out to you as well. Since the agent views homes all the time, and presumably, you only buy a home once every 5 - 10 years, they will spot defects that you won't.
I hope you found this helpful. If I can answer any further question for you, please feel free to call or email me. I'm located in Reston as well.
Keller Williams Realty
#1 Individual Agent in the Reston KW Office in 2010, 2011, & 2012
(703) 599-4755 - cell
Try this publication:
The new law is explained here.
Long and Foster
Hope that helps!
Art Real Estate Group
Keller Williams Realty
C: 703-541-8200 F: 703-679-1701
I have one question, what happens if as a first time home buyer you are not aware of this agreement (you of course know nothing about this procedures) , it's not mentioned before you see the properties and then it's included in the offer before discussing it with the buyer?
Please don't hire a mainstream Realtor for foreclosures or renovations, unless that agent personally manages renovations, or else you will lose money. Years ago, I couldn't find a competent agent in my area who understood foreclosures or fixer-uppers, so I became a Realtor myself who does this and specializes in it. (Shameless true plug: Every renovation deal I did, made money. Every time my clients followed our plan, they made money. The key is having a good plan and working it).
If you want to find that rare agent who is honest, puts people first, and competent at fixer-upper property, please call me at 757-221-0989.
Jim Whitehead, M.S., company founder, Principal Broker in VA
Williamsburg, VA 23185
A Better Home Inc. and also Lord and Saunders Real Estate, Inc.
What I do personally if the buyer is conscious about signing the contract is just make the contract valid for 1 day without any fees or obligations. That way the buyer will know first hand how I can best represent them.
Please let me know how else I can help.
List it, SOLD!
• Realtor’s fees are built into the sales price of homes and buyer representation is covered in the listing price of the home and deducted from seller’s proceeds (most agencies charge only a flat commission to buyers of $345 at closing and that is typically the only Realtor closing cost fee you pay at settlement as a buyer). Having a buyer brokerage agreement with a Realtor means that they have more negotiating power to get you the best deal. The agent who lists a home was hired by the seller and has a limited and more neutral role when representing both sides of a sale (dual agency), so be certain that you have full representation by calling on a Buyer's Agent. That's why Team Waller offers a Buyers Agent Department so that buyers who call about our listings have their own Designated Agent to represent their best interests while the Listing Department represents Team Waller's sellers! Be cautious of listing agents who do not disclose your right to have your own representation!
Tony Perez Real Estate
Tony Perez, Realtor / Broker
Licensed and Serving ALL of Virginia since 1987
703.304.7730 Text or call
Search the MLS 24/7 for free and see all the homes in real time at:
It protects your best interests and protects you as Andy explained below. I'm glad that we have this law changed starting July 1, 2012 - before this all buyer agents were basically sub agents of sellers. What an awesome thing ~ BUYERS get full-fledged agent representation: an agent working for them and protecting them in the best way he/she could and still being paid in form of commission from the seller.
Good luck with your home purchase!!
Faiza Alvi - RealtorÂ®
Prince William Realty, Inc.
MILLION DOLLAR CLUB - PWAR 2011
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
GoodLuck withyour home search.
before showing properties -- its the VA law. However, that said, you should reserve the right to desolve your agreement if you are not satisfied with the agent's services.