PLEASANTON REAL ESTATE Buyer's Agent Agreements & Buyer's Agent Contracts

Home buyers typically sign buyer Agent agreements with their real estate brokers / agents before writing a purchase agreement. The buyer Agent agreements spell out precisely who represents the buyer. It's also known as buyer representation. There are a huge variety of buyer Agent agreements used throughout the United States. For simplicity, I will review the three most common types of agreements used for Pleasanton Real Estate, with most weight given to Exclusive Right to Represent because it's the preferred form.

The following information is a general overview. It is not a legal interpretation of Buyer Agent Agreements. I cannot give legal advice. If you desire legal advice, please consult a Pleasanton Real Estate lawyer.

Buyer Agent Agreement (Non-Exclusive / Not for Compensation).

This agreement outlines the Broker's / agent's duties and obligations to the buyer, agency relationships, Agent scope of duty and buyer obligations; it does not provide for compensation.

• A Pleasanton Homes buyer may hire more than one broker / agent to locate property.

• A Pleasanton Homes buyer is not obligated to compensate the broker / agent.

• A Pleasanton Homes buyer has the right to demand single agency.

Buyer Agent Agreement - Non-Exclusive, Right to Represent

The non-exclusive agreement outlines the broker's / agent's duties and obligations to the Pleasanton home buyer, agency relationships, Agent scope of duty and buyer obligations; however, it does provide for compensation. It also removes the buyer's responsibility to pay a commission if the broker / agent is paid by another party such as the seller.

• A Pleasanton Homes buyer may purchase a property through another broker / agent, as long as the property is not a home introduced by the first Agent.

• A Pleasanton HomesBuyer has the right to demand single agency.

• The Pleasanton Real Estate broker / agent can receive a higher commission than the negotiable fee stated in the agreement if the Pleasanton Home seller elects to pay more and it is disclosed.

Buyer Agent Agreement - Exclusive Right to Represent

This is the form that I use with my buyers. It is similar in scope to the non-exclusive form except for one major distinction: the buyer has agreed to work exclusively with the broker / agent.

• The Pleasanton Real Estate buyer cannot hire more than one broker / agent to represent her.

• The commission for servicing a Pleasanton Home for Sale is negotiable.

• A Pleasanton home buyer has the right to demand single agency.

• The Pleasanton Real Estate buyer is not responsible for the commission if another party (such as the seller) pays it.

• The Pleasanton Real Estate broker / agent can receive a higher commission than the negotiable fee stated in the agreement if the seller elects to pay more and it is disclosed.

While non-exclusive agreement terms may run for a month or two, exclusive agreement terms are typically anywhere from three months to one year. If the Pleasanton home buyer elects to subsequently purchase any property introduced to them by the agent, they will owe the agency a commission. Exclusive representation gives the broker / agent the ability to negotiate with unrepresented sellers (such as for sale by owners) on the Pleasanton home buyer's behalf. In these instances, the commission is often added to the sale price and then paid by the Pleasanton home buyer to the Pleasanton Real Estate broker as part of the financing. If the Pleasanton home buyer is able to purchase the property at a substantial discount through the power of the Pleasanton Real Estate broker's / agent's negotiating ability, the broker / agent will have more than earned her fee. Exclusive representation means the Pleasanton Real Estate broker / agent is employed by the Pleasanton Real Estate buyer and will work diligently on the Pleasanton home buyer's behalf.

Termination

Ask the Pleasanton Real Estate broker / agent if she will release you from the contract if you find that the relationship is not a good fit for you or vice versa. While agents are not bound to release you, if they won't agree to this upfront, don't sign the agreement with them. Professionals give personal guarantees that the Pleasanton home buyer will be satisfied. If a Pleasanton Real Estate agent can't give you that guarantee, the agent does not deserve your business.

Just because you may feel restricted by price ranges -- especially if this is your first or second home purchase -- don't let anybody tell you that you can't afford to be choosy when looking for a Pleasanton home to buy! You are unique. You have desires and needs, hopes and dreams for your new home that are different from your parent's, friend's or coworker's. OK? So let's get busy defining these Pleasanton home buying parameters and writing them down.