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The buyer brokerage agreement is very specific with the areas you are hiring your REALTOR® to work for you. Specifying both type of properties and areas, so you have no obligation if you choice to move to Edmonton if that area is not listed. As for the example form this agreement is simply for ‘Condominiums in Calgary, Chestermere, and Langdon Alberta’ because these are the area’s that we are able to help our clients. Also if you and your neighbour have been talking about you buying his house privately, that sale can be taken out of the agreement.
The bottom of page 1 and top of page 2 sections 2, 3, and 4 are all spelling out the obligations of the REALTOR®, to make sure that they are working in your best interest.
Section 5, bottom half of page 2, is the part that everyone is worried about, the ‘brokerage’s compensation’. Here is where you and your REALTOR® will go over how the brokerage is to be compensated. The majority of the time the seller will pay all fees. There are however a few small cases were you will find a ‘for sale by owner’ that refuses to pay any sort of fee for the sale of there home. In these cases your REALTOR® will negotiate a deal with the fees in mind. You will end up getting the price you were looking for, after the price of the home and fees have been added up and you got a professional negotiator.
Section 6 ‘duties of the buyer’ which outlines all the things that will help your REALTOR® and you find the perfect home. These are things you would probably do anyway.
Section 12 outlines the duties of the REALTOR® even after the agreement ends. Section 13 talks about the Agency Relationship guide which is a publication that outlines the different forms a transaction can take. Then signatures at the bottom will make sure you are taken care of while buying a home.
So the next time you’re looking for a home, take the time in interview local REALTORS®. And ask for a buyer’s brokerage agreement. You deserve to be represented just like the sellers.
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