The mere mention of the word ‘contract’ leaves many feeling trapped and wary, often rightfully so. The Buyer Agency Agreement, however, is not a contract to be feared. It is important to understand who your REALTOR® is working for and the Buyer Agency Agreement outlines this in writing, making it a legally binding contract. By choosing to work with Curtis Burchett and signing the Buyer Agency Agreement, the buyer is guaranteed the very best in real estate service. Any questions about the Buyer Agency Agreement can be answered by Curtis.
When a seller lists their home with a listing agent they form an agreement which states that the REALTOR® must act for the sole benefit of the seller at all times. Most buyers assume that their REALTOR® is working on their behalf, but without the Buyer Agency Agreement the REALTOR® actually works as a sub-agent of the seller and therefore, has a fiduciary relationship with the seller, not the buyer. Without a contract, your REALTOR® is obligated to present a case that will support and protect the value of the property that the buyer is purchasing, but the rules change when a Buyer Agency Agreement is signed.
Once the agreement is signed, the buyer’s agent has a duty to educate the client. The agreement confirms your MKB Associate’s commitment to making the best effort for you by promoting and protecting your interest at all times. This means that your MKB Associate can now advise you of any known material facts regarding the property; facts which may even cause you to reject the home in favor of something more suitable. An MKB Associate will give priority access to their clients and are obligated to use techniques and strategies that help advance the position of their clients. They must also disclose all details about the property, including known information on any previous offers, financial and motivational details about the seller, and any knowledge that may strengthen the buyer’s position. Your MKB Associate must work harder for you and make every effort to find you the home that best fits your needs and lifestyle, while negotiating the best possible price to meet your budget. The Buyer Agency Agreement was written with the buyer’s best interest in mind.
Virginia statute was amended on July 1, 2012 to require that ALL brokerage agreements must be in writing. Your MKB Associate will explain thoroughly the requirements of the law and their role in compliance.
If you have questions or concerns about the Buyer Agency Agreement, you should contact Curtis Burchett – he is a highly trained professional with a wealth of experience in the real estate market.