2,684,009
Who does that Buyer Broker Agreement protect?
The Florida Realtors standard form protects the Broker's commission... it may NOT offer any fiduciary relationship.
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Tammy Lankford,
Eatonton, GA
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Eve Alexander
Tampa, FL
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Buzz Mackintosh
Frederick, MD
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Brenda Mayette
Glenville, NY
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John Juarez
Fremont, CA
1,052,211
Take your blog post off of this question and it's a good question.
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Anna "Banana" Kruchten
Phoenix, AZ
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Greg Large
Grove City, OH
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John Juarez
Fremont, CA
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Lyn Sims
Schaumburg, IL
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Susan Emo
Kingston, ON
584,631
Does it really matter? Our broker / State now in days require it to be signed. But in my opinion it isn't worth the paper it's writtten on. Like I explain to the client, my license is their protection and the BRA is my protection. But like any contract to be enforce I would need to take legal action and in most cases I feel that would be just more lost of time and money...
And like your blog says how would I know if I or they would like to work together. Have them sign, and if you don't want to work with each other - WALK AWAY...
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Brenda Mayette
Glenville, NY
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John Juarez
Fremont, CA
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Lyn Sims
Schaumburg, IL
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Ernie Steele
Lebanon, PA
911,328
Yes, it's required in VA. "As of July 1, 2012, Virginia Law now requires that a BUYER and a BROKER have a “WRITTEN” agreement (not just verbal). ... By law, Agents in Virginia can only show homes and work with a Buyer after both have signed this Buyer Brokerage Agreement." It can be for 1 showing, 1 day, 1 week, etc. I have been at trainings, where the trainer was teaching agents at Open Houses how to handle buyers that are working with other agents. This trainer was teaching the Open House agent not to ask visitors " Are you already working with an agent? " and instead ask them " Do you have a written and signed Buyer Broker Agreement with another agent?", and if the answer is No, and that buyer wants that house, it's the duty to the sellers of the Open House agent to write up that offer/contract, and that agent that didn't get the BBA signed is out of luck and gets paid zero even if they had showed that buyer 20 other homes over the last 3 months.
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Bob Crane
Stevens Point, WI
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Buzz Mackintosh
Frederick, MD
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Lyn Sims
Schaumburg, IL
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Candice A. Donofrio
Fort Mohave, AZ
6,393,154
Until they sign it they are NOT a client, only a customer, and you owe your fiduciary responsibility to the seller, not the buyer. Something that could get a lot of agents in serious trouble.
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Eve Alexander
Tampa, FL
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Bob Crane
Stevens Point, WI
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Buzz Mackintosh
Frederick, MD
1,844,271
You asked a question which means you are looking for OTHER PEOPLES opin ions. I know I'm not interested in yours as you are promoting yourself.
You've done it before & just don't get it.
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Greg Large
Grove City, OH
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Candice A. Donofrio
Fort Mohave, AZ
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John Juarez
Fremont, CA
1,452,819
I'll not read the blog post as it goes against all policy. However, I do require all Buyers to sign a Representation Agreement the same as I require all Sellers to sign their Agreement too; Listing or Buying makes no difference.
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Greg Large
Grove City, OH
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John Juarez
Fremont, CA
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Lyn Sims
Schaumburg, IL
2,781,163
NO they shouldnt have to but if you run into a dicey seller situation it is wise to have a back-up understanding
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Brenda Mayette
Glenville, NY
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John Juarez
Fremont, CA
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Lyn Sims
Schaumburg, IL
3,383,334
They aren't your clients until they do sign one, at least in our state.
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Jeff Pearl
Lovettsville, VA
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Eve Alexander
Tampa, FL
1,502,998
I've never found one to be necessary.
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Anna "Banana" Kruchten
Phoenix, AZ
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Pete Xavier
Pacific Palisades, CA
1,543,634
In CA, Yes. Mine all do - my whole career.
Since 1999 my buyers and sellers equally sign agreements.
Don't you make your sellers sign listing agreements?
Do your tenants sign leases?
Then why wouldn't you equally expect it of your buyers?
I never understood the debate. I can't speak to other states; but, as a 41 year CA entrepreneur across 5 businesses and 4 industries, YES!
All my clients - of any business I own
sign agreements/contracts.
It's the professional thing to do.
But, you run your business as you see fit, I speak for me and my CA opinion only.
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Buzz Mackintosh
Frederick, MD
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Thomas J. Nelson, REAL...
La Jolla, CA
4,936,605
I learn the hard way and did not have them sign one, now always
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Bob Crane
Stevens Point, WI
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Buzz Mackintosh
Frederick, MD
1,311,397
How interesting since I read and responded to the question following this one before seeing this question.
To answer the question...which could stand alone in this venue without a self-promoting link...I do not pursue the strategy of insisting that my buyer clients sign a contract to work only with me.
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Greg Large
Grove City, OH
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Candice A. Donofrio
Fort Mohave, AZ
900,128
In Connecticut Buyer Agency Agreements are mandated by law, but since it's not always the easiest conversation for some to have with new customers (BA agreement makes them clients), often agents choose to skip that step.
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Bob Crane
Stevens Point, WI
921,504
I do not require it to work with a buyer.
However, if the buyer wants to benefit from all the resources I can offer, membership has it's benefits.
And, in today's market, to find the house a buyer wants that is not on the MLS requires payment in advance. This is actually how it should be, every buyer and seller pays their agent directly. The day is coming.
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Lyn Sims
Schaumburg, IL
628,764
If the Buyer wants representation in Maryland it is required. The state did away with assumed Buyer representation a few years ago.
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Jeff Pearl
Lovettsville, VA
637,434
I only had a buyer sign once when it was a big commercial property and the buyer had been working directly with the listing agent, then decided he needed his own representation.
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John Juarez
Fremont, CA
7,836,129
901,535
Always. We're required to have buyer agency signed before we make an offer. I get it signed before I show homes.
3,164,269
Nope and will only ever do it if the state requires it. Won't like it then.
3,125,663
Before an offer is submitted here, a BB Agreement must be signed by buyer, agent and broker.
5,216,398
Never used a buyers brokers agreement while active. In this day and age, might give it some thought.