Q: I recently signed an exclusive brokerage contract (real estate purchase contract) for one year with my real estate agent. I have noticed, however, that after signing, the period of protection is two years after the contract expires or is terminated. How long can a reasonable agreement be reached? “A buyer`s representative has a fiduciary responsibility to his client, the buyer, to ensure that he understands the language in the contract and that he makes sure that he buys a house that meets his needs. They ensure that the buyer selects all the appropriate contingencies and does not exploit them. They also have a responsibility to make sure the house is worth what the sellers are asking for, and they will work with buyers to make an offer. Whether you can terminate your buyer`s agency contract depends largely on the terms of the contract, your relationship with your agent and your particular circumstances. Some buyer`s agency agreements may allow for conditional or unconditional termination directly in the document. All the buyer`s agency contracts may be terminated for as yet unexplained reasons if you can prove that the representative has breached the contract. Finally, you can always terminate your contract with the permission of your agent. A reference is the best way to find an agent. In fact, many buyers from family, friends or colleagues are designated as buyers` representatives. But buyers who move to a new territory generally do not have this option. Apart from that, real estate agents do not appreciate buyers who use their time, effort and services to look at real estate and then buy one of these real estate behind the broker`s butt.
Many agents working with buyers have never had their buyers sign anything. These agents either have a high level of comfort, that the clients they work with will continue to work with them during the home purchase process, or they agree when buyers switch to other agents, as they may be relieved that they no longer have to work with a particular buyer. (This happens more often than you think.) No no. A buyer replacement contract is a contract between a buyer and a broker, not a seller. As such, your buyers would always be represented by your former broker. However, your buyers may apply to be exempted from buyer replacement agreements with your former broker. Buyers benefit from an agency agreement with a broker because they get top priority. As a buyer, the promise not to cooperate with another agency with an exclusive buyer contract also ensures that the Agency does not represent the seller. When an agency works exclusively on behalf of buyers, clients and buyers never have to face a conflict of interest.