Searching for a home can be a time-consuming process. Working with a realtor can be critical to finding the right home, because they understand the Colorado Springs market. Hence, they can help you find the right neighborhood and properties within your price range.
As part of your relationship, a realtor might request that you sign a buyer’s agreement, which means that realtor will be representing you. It defines your legal relationship, explaining the duties that each of you have, and the services that the realtor will provide.
What Does a Realtor Provide?
Many realtors want to enter into this type of agreement because it provides them with protections. After all, they are devoting a few weeks to several months or more. He/She will be working with the buyer to find the right property by emailing listings that fit your requirements.
They will also set up showings and drive you around, often touring multiple homes within the area, as well as researching comparable sales. The point is that they will devote a significant amount of time to the search for your new home. If you write an offer with someone else, then that work is essentially in vain.
Protections of an Agreement
By signing an agreement, the buyer’s agent can guarantee he will be compensated for the work and time he put into your home search. At the same time, that agreement can serve to protect you if the agent does not perform as expected. These bilateral contracts are exchanging promises to perform on both sides.
If you are unsure about signing the agreement, talk with the agent. Recognize that the terms of the agreement are negotiable. You can also let the agent know that you want to get to know them before signing an exclusive agreement.
What is Included in an Agreement?
Often, your agreement will contain a description of the type of property you are looking for, but it can also specify the terms and the areas that you are considering. You might be able to work with multiple agents if each agreement specifically spells out the terms and areas.
It is also important that if either party decides to leave the agreement, that the end of the contract is documented and signed by both parties. It also can protect you, because now the agent can work in your best interest, instead of those of the seller. Clearly, there are benefits to signing an agreement, and clauses can be put into place to protect both parties. Part of the work of any agent is to also introduce you to lenders. We work with a variety of agents, providing information regarding the financing options available. If you are interested in looking for a new home, we can help you with a pre-approval or conditional approval. Contact me to find out more!