What is a buyers rep agreement?
A buyer’s representation agreement (aka a buyers rep) basically says that that the buyers agree to have the Realtor represent them for their real estate purchases for a given period of time. It doesn’t force a buyer to purchase a house within that time period or make any other requirements on the buyer. As mentioned above, the sellers pay nothing to the agent, despite the fact that the agent representing a buyer invests a large amount of time researching and showing buyers potential properties. A buyer’s rep allows the agent to be confident that the seller will use them for negotiation of real estate transactions during that time period, and it allows the buyer to know that the agent is now contractually obligated to assist in these transactions.
