Davidson Realty, Inc.

What Is A Buyer Agreement? 3 Common Myths Dispelled

August 5, 2016

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Posted by in News

The Buyer Agreement has become a common practice in real estate. However, many buyers may still be relatively unfamiliar with it.

Simply put, a Buyer Agreement is a legal document signed by the agent and buyer that clarifies expectations and develops mutual loyalty throughout the buying process.

You will often hear how the agreement helps to protect real estate agents (every Realtor has the horror story of dedicating weeks of work to a buyer only to learn they put in a contract through another agent). But, the agreement does far more for you, the buyer, than you may think.

Cruise around the internet or ask sources outside the industry and it’s easy to find inaccurate statements about buyer’s agreements. Here are just a few we at Davidson Realty often hear, along with the truth behind the myth.

Myth #1: You are stuck with an agent for 6 months to a year.
The Truth: You should never feel “stuck” with an agent. Before you put pen to paper, get acquainted with your agent. That way, you are confident in their abilities. Then, talk Buyer Agreement.

Plus, the Buyer Agreement timeline is entirely negotiable based on your needs. By working with your agent, you can determine your own timeline before you sign.

What if you need to terminate early? There are options here, too. In fact, Davidson Realty uses a Florida Realtors agreement that allows the buyer to terminate at any time.

Myth #2: There is hidden language that’s intentionally confusing to trap you.
The Truth: On the contrary, buyer’s agreements are intended to clarify the relationship between you and your agent. The agreement clearly states information to prevent any surprises. This includes your agent’s responsibilities, commission level and how long you will be working together.

Davidson’s Buyer Agreement allows you to choose the brokerage relationship whether as a single agent (fiduciary) or a transaction broker (non-fiduciary). Not sure which is best for you? Just talk to your agent!

Myth #3: You must buy a house.
The Truth: A Buyer Agreement creates no obligation for a buyer to purchase a home at any point. Period.

Again, open communication between you and your agent can avoid confusion and surprises. The Buyer Agreement is intended to clarify expectations of both parties and make the process a smooth one.

The best source to learn about Buyer Agreements is a real estate professional. Contact one of Davidson Realty’s experienced agents at (904) 940-5000 to learn more.

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