If the agent is working with you as a buyers agent they are negotiating the purchase price on terms acceptable by you, working in your best interests and must deal with a seller honestly and fairly. Take a look at the two roles on the Agency Disclosure Form and make your decision on what role you would like your agent to work with you under.
The buyer can work with Buyer's Agent without any signed contract. It means the buyer is not locked in for 6 months +/- or so, etc..
I am a Certified Buyer Agent (CBR), I represent them as a Buyer's Agent. They have stayed with me and bought homes with out any signed contract, because of mutual respect, honesty, trust, above & beyond customer service, etc.
Please feel free to email me if you have any questions, I will be happy to answer them.
Good Luck in your search..
That being said, we do represent buyers now and yes, it is typical to sign an agreement (length of time is up to the two parties...can be one day or one year). The percentage was probably stated at 2% because that is generally what is offered out to the "other" agent if a sale is made. This too is negotiable.
Is this asking a lot from you? When the listing agent signs an agreement with the seller for ...let's say 10% as an example...that 10% if accommodated for in the asking price so at the end of the day, the buyer is paying EVERYONE'S commission! It's all in the way you look at it.
Everywhere else in the US, none of this is an issue...there are buyer agents and they are reimbursed for their services.
You will find ABRs or CBRs in Long Island..if we don't have that designation, it doesn't mean we are not educated in buyer representation...it means we have not spent the money on the designation.
There are also a lot of Realtors who will represent you without signing the contract and obligating you and will merely seek the commission from the offered amount through the listing.
The important thing is to align yourself with an individual you like, you believe to be reputable, you therefore trust and displays knowledge in the field.
Feel free to contact me with any further questions or discussions. Centerport is part of my home base and I would be happy to discuss representation with you.
A buyer rep agreement defines the ways in which your agent will work for you and you can typically add stipulations to that agreement including that they actively search for FSBO properties, etc. Keep in mind that if NY is a state that does not REQUIRE these agreements, it may not be a bad idea to check with a few other buyer agents. Checking out the REBAC website (rebac.net) and find an ABR (Accredited Buyer Rep) or just look for someone that has ABR on their card :-)
The ABR means they took a few extra classes on dealing with buyer related issues and may be slightly more qualified to help you if a buyer rep agreement is necessary.
Agency relationships also vary from state to state, but you can see a very basic overview of agency relationships by visiting one of my blog posts about them (in web reference below)
Hope this helps.