Buyer Agency Representation
The rules pertaining to Buyer Agency have been changed.
Going forward if I am working with you as a buyers agent I am required to have you sign a contract acknowledging any fee agreement for my services.
For me this means I will ask you as the buyer to sign an agreement stating that when an offer is made on a property I will include a provision in the offer asking for a 2.5% commission to be paid by the Seller upon a successful closing.
This I how I have written offers for most of my career which began in 2001.
And on closing day my Buyer Agent commission has been paid from the Seller’s sale proceeds.
Things to know:
Buyer agent fees are negotiable.
Anyone can buy a property without the services of a buyers agent.
Not all Buyer agents ask for the same fee or perform the same services.
Not all Sellers offer a fee to Buyer Agents. In my experience this has always been a very small segment of the market. However with the new procedures this could change.
If the Seller refuses to pay me as the Buyer Agent, as requested in an offer, then I might ask you to pay my fee directly.
If an offer is made and the Seller rejects the buyer agent fee then it becomes part of the negotiation between all parties. Seller, Buyer and agent are all made aware and can act as they see fit.
And with this change in procedure some Sellers might make it clear up front buyer agents fees will not be offered. I will make this clear to my clients so they may act as they see fit.
The Buyer Agent Agreement can be tailored for a client.
One Buyer might engage my services for an agreed time period. For example 2 or 3 months.
Another Buyer might sign the same agreement but only for properties located in a specific neighborhood or zip code
Another Buyer might sign an agreement for a showing at one specific property.
Terms and structure can be adjusted to fit the clients needs.
And as always if I am not able to help you purchase a property you will not owe me anything.
I hope this helps clarify how I work and get paid as a Buyer's Agent. Ultimately when you engage my services my priority will be to find you a property that suits your needs. Any compensation for myself is a secondary goal. Don't get me wrong.... I want to be paid for my time and energy but the primary objective is to reach your goals and objectives.
Stephen McCarthy
