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Why is Signing a Buyer-Agency Agreement That Important?

Our Buyer-Agency Agreement requires us to be legally responsible and accountable to you. A Seller's agent, by law, must work in the best interest of their client, including giving any learned information about the Buyers to the Sellers. This can hurt your bargaining power and cost you money. We work in your best interest. We are obligated to get YOU the best price and the most savings possible.

In Utah, if the listing agent tells you she will work with you as your "buyer's agent", you will be asked to sign an agreement limiting your representation. This agreement usually states that the agent will represent the Seller only, or that the agent will attempt to represent both of you (I know it sounds strange, but it's legal in Utah!). In either situation, there is no agent devoting 100% of their time and loyalty to you and your interests as a Buyer.

Hiring an Exclusive Buyers Agent with Homebuyer Representation, Inc. assures you that the agent you are working with will work on your behalf ONLY and will protect your best interests, and not those of the Seller.

Homebuyer Representation, Inc. is a Real Estate Brokerage that services Salt Lake City, Utah and surrounding areas. Agents are Exclusive Buyer Agents (EBAs) and represent BUYERS ONLY. For Free Reports or a Free Consultation, contact Homebuyer Representation at (801) 969-8989 or click the highlighted links in this paragraph.

Posted by Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT on 05/08/2007 12:02 AM

Comments (3)

agency agreement, responsibility, accountability, best interest, information, bargaining power, money, best price, savings, buyers agent, loyalty

Originally posted at: Buying a Home in Salt Lake City, UT: Why is Signing a Buyer-Agency Agreement That Important?

This post has been included in Utah Information

3 Comments on Why is Signing a Buyer-Agency Agreement That Important?

MAY

2007

Oh yes .. getting a signed Buyer Broker Agreement is VERY important. There are many stories of agents who did not get one, and the buyer it seems ended up not being a serious buyer after all ---- after many hours spent in a car driving them about. Or the buyer ended up buying from their cousin or friend, after the agent had invested a lot of time.

Definitely getting a signed Buyer Broker Agreement is very important.

Carolin Benjamin
Bob and Carolin Benjamin
The Benjamin Team
Keller Williams Integrity First Realty
Gold Canyon, Arizona

If I were a Buyer in an area in which I was unfamiliar with property values or a first time Buyer, I would feel the need to have someone that knows the market agree to represent my interest. Many Buyers don't realize that the Seller typically still pays the commissions but this usually just allows the Realtor to give the Buyer advice and not just represent the Seller's interest (I am sure laws vary from state to state).

Buyer agency laws should be explained soon after meeting a Buyer. It sometimes seems quick to a Buyer to be asked to sign a document, but typically is in the best interest of the Buyer and puts a greater responsibility on the Realtor with which they have obligations to under this agreement. Also, when Realtors have multiple Buyers they are working with, they tend to spend the most time and effort on the Buyer that has committed to them through a Buyer Brokerage Agreement.

You both make good points! The agreement does protect both the agent AND the Buyer!

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