What is a Buyer Service Agreement?
A Buyer Service Agreement,” is an employment contract that spells out the duties and responsibilities of the REALTOR to the prospective buyer, and vice versa. It describes the kind of properties that buyer is interested in viewing and obligates the REALTOR to be vigilant in making these homes known to the buyer. The form specifies that the REALTOR who spends time to show the homes will be responsible to write up the offer when the buyer is ready to make an offer and handle the transaction through to closing.
Signing the Buyer Representation Agreement with Columbia Gorge Real Estate does not mean that you have to buy any of the homes we show you. But it does indicate a commitment to our team that the buyer is not frivolously asking to be shown around town. By signing a Buyer Representation Agreement when searching for homes in the Gorge area, the buyer can be assured that our Team will devote priority time to help them find a home, for the best price, in the shortest possible time.
REALTORS’ may or may not charge a fee to recover their costs and time in the event the buyer ends up not buying after being shown a large number of properties. The contract may state that the fee is waived if the buyer buys a home. The amount of fees charged, if any, may vary with the difficulty of locating a home specified by the buyer. For example, if the Buyer Representation Agreement states that the realtor expects to receive 2.7% commission, and the listing agent is offering 2.7% commission to the buyer’s agent, the buyer actually PAYS NOTHING even though he/she has signed a Buyer Representation Agreement.