Before you prepare a purchase agreement to buy the property you want to call your own from the available Bellingham homes for sale, you have to write a buyer's broker contract first and then have it signed with your real estate broker or agent. A buyer's broker contract, or what others refer to as a buyer's broker agreement or buyer representation, clarifies who works specifically for the buyer. In the United States, there are a lot of different kinds of contracts used; the most commonly used by buyers include, but are not limited to, the following:

1. Non-Exclusive and Not for Compensation Buyer Representation - This contract goes over the main points of the agent's or broker's duties and responsibilities to you, and also, his scope of duty, agency relationships, and the obligations of the buyer. It doesn't support compensation. Under this contract, the buyer:

• Has the right to hire the services of more than one agent or broker during the home buying process;

• Is not compelled to compensate the broker or agent; and

• May insist single agency, which means the broker or agent is not permitted to present houses to the buyer listed by his agency, unless allowed to do so.

2. Non-Exclusive, Right to Represent Buyer's Broker Agreement - This kind of contract goes over the main points of the duties and responsibilities of your agent or broker to you, as well as his/her scope of duty, agency relationships, and your obligations as a buyer. Unlike the first kind stated above, this provides for compensation. In addition, it takes away your duty to give the agent or broker a commission, provided that he/she has been paid by another individual (for example, the seller). Under this buyer's broker contract, the following applies:

• Buyers have the right to purchase a home by means of other brokers or agents, provided that the property is not presented by the primary agent / broker.

• Buyers may insist single agency.

• Agents or brokers have a chance to get a bigger commission compared to the fee indicated in the agreement, providing the seller decides on financing more and if it is revealed.

3. Exclusive Right to Represent Buyer's Broker Contract - In this agreement, buyers agree to be exclusively represented by the broker or agent. This means he/she is not allowed to get other agents / brokers throughout the home buying process. Apart from this point, this type is almost similar to the non-exclusive type. Under this, the commission can be negotiated and it would not be the responsibility of the buyer if it is financed by another party, like the seller. The following terms apply under this kind of buyer's broker contract:

• To be exclusively represented means that you have employed the broker or agent to diligently work for you.

• The terms of these agreements generally function for three months and may even reach up to one year.

• It provides brokers or agents the capacity to reach a deal with sellers without representation on behalf of the buyer throughout the process of buying a home in Bellingham real estate.

To learn more about all the kinds of buyer's broker contracts and know what type would suit your situation best, it is advisable to discuss this with your real estate agent.