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#167343 - 09/02/07 11:53 AM Re: Buyer_Agreements [Re: Duncan Pollock]
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
Locally: Briefly stated and to the best of my recollection, agents locally are required to disclose and document in writing the various types of agency relationships available to the consumer and explain the difference between a fiduciary relationship and a non-fiduciary relationship, such as when acting as subagent of the Listing Broker and/or opposing party, or in a duel agency relationship, or when representing multiple clients in the same transactions, and of course last but not least, there is a customer relationship agreement, wherein the customer acknowledges that they are without representation and are self-represented, the purpose and intent of this form, being to safeguards the agent against allegations and liability for a breach of his/her fiduciary duty, arising from a plaintiffs claim of implied agency.

The receipt of all disclosures are acknowledged by the consumer and based upon their informed consent, they are able to chose the type relationship they desire.

A (local) Buyer broker Agreement, I believe entitles the buyer broker to the agreed upon compensation, if the buyer purchases a property , regardless of howsoever and by whomsoever effected during the term of the agreement

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .

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#382041 - 07/06/11 04:25 AM Re: Buyer_Agreements [Re: Guest]
Florida Girl Offline
Member

Registered: 07/06/11
Posts: 10
Loc: Florida
I often get a buyer to sign a "Transaction Broker Disclosure" at first meeting. I explain it's not a contract. This is my mental preparation for the buyer; getting him used to signing stuff for me. Later I will get an EBBA if I spend a lot of time with him.

At time of making an offer, I ALWAYS get them to sign an EBBA (Exclusive Buyer Brokerage Agreement). This protects my commission. By the way, our EBBAs say that the commission is earned at contract signing... not at closing.

I have a friend who has been in real estate for years. She said she has worked for brokerages that required EBBAs. I asked her once how she got them signed. She said her company didn't allow her to transport anyone in her car without it. And if they didn't sign one, or balked, then she KNEW they were not serious buyers (aka "qualified buyers"; aka "ready, willing and able").

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#394962 - 11/18/11 06:02 AM Re: Buyer_Agreements [Re: Guest]
Leon FS Offline
Member

Registered: 11/18/11
Posts: 36
Loc: WA
I don't understand buyer's agreements. Wouldn't it be in the best interest of the buyer to be able to fire the agent at any time?

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#395231 - 11/20/11 09:01 PM Re: Buyer_Agreements [Re: Guest]
Home Seller Guru Offline
Member

Registered: 10/02/09
Posts: 279
Loc: Salt Lake City, UT
They still can fire the agent at any time. I don't know any agent that would force someone to work with them if they really didn't want to. That is especially true if a buyer called the agent's broker and said they want out - they would probably have a letter of release within 15 minutes.

The agent, however, does have a right to protect themselves. If I have educated a buyer on the buyer process, educated them on the market conditions, researched areas and current selling prices, found and shown a house to that buyer, for them to go around my back to purchase that house is very wrong. This is how I make a living. A vast majority of buyers are moral and ethical and realize this so it's rarely a problem.

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