What is the Connecticut Real Estate Home Buyers Agreements?
Buying a home in Connecticut, what you should know about Real Estate Home Buyers/Agency Agreements.
Just as there are different types of real estate agreements with sellers, there are different types of agreements with buyers. For Connecticut Real Estate Agents the licensing regulations require licensees to execute a written agreement with a buyer before negotiating a purchase for that buyer.
A buyer agent must have a written contract before:
- Asking the buyer to disclose confidential information;
- Expressing an opinion or giving advice about particular real estate;
- Physically showing the buyer property listed with another firm;
- Discussing an offer with the buyer
- Engaging in any verbal or written negotiations on the buyer's behalf concerning the price or any terms or conditions of a purchase.
It is legal for a real estate agent in Connecticut to show the firm’s own listings to an unrepresented buyer once the buyer has been provided with and agency disclosure form.
There are three different Buyer Agency Agreements that can be entered upon in Connecticut.
Exclusive Right to Represent Buyer ~ that is an exclusive agreement with one broker with broker entitled to compensation regardless of who locates the property.
Exclusive Agency Right to Represent Buyer ~ exclusive agreement with one broker and broker entitled to compensation if broker locates property.
Open Right to Represent Buyer ~ this is nonexclusive agreement, multiple brokers, only one broker that locates the property is compensated.
The Connecticut statutory and regulatory requirements for a buyer representation agreement are the same as the requirements for a listing agreement. These requirements are:
- A written agreement
- Date of the agreement
- The broker's name and address
- Buyer’s name
- Signatures of both the broker and the buyer or buyers
- All of the terms and conditions of the representation
- Compensation arrangements
- Broker lien notice
- Notices required by law (fair housing and negotiability of compensation)
This article has been written by David Popoff.
David Popoff | Broker
Direct Line: 203-228-0646
DMK Real Estate is a full service license Connecticut Real Estate Broker firm that serves lower Fairfield County. With lower overhead costs DMK Realty can fulfill buyers and sellers needs locally and on the internet at lower costs compared to the larger national brands.
David Popoff is a license Connecticut Real Estate Broker specializing in Sustainability in lower Fairfield County, Connecticut.
DMK Property Management llc a locally owned company serving lower Fairfield County, Connecticut.
Specializing in Residential Property Management that can custom tailor a program to fit the homeowners needs be it short term or long term from rental management to full estate management.