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Olecapt, the Buyers Broker Agreement that I use with my clients in Tennessee benefits and protects both the buyer and agent equally. This may be State specific but I think it is misleading to say that that the Agreement mostly favors the Agent and why sign one if the state doesn't require it.
I'm a proponent of Buyer Rep Agreements and would use them even if it wasn't state law. I personally think it is good business practice to have the responsibilities and obligations of both parties in writing, especially when we are dealing with business transactions worth thousands of dollars. If I was not a Realtor and buying a house I would want the business relationship in writing.
The OP seems to lack knowledge about what a Buyer Agent does. They may even lack knowledge about their responsibilities and obligations. I would think that spelling out the business relationship in writing would serve the interests of both parties.
I don't have any particular intellectual objection to a buyer broker agreement. Nor however do I have any illusions about their purpose. If all started using the lesser CA format I could go along. That one of course makes no provision for compensation and can be cancelled by either side in writing on demand.
It has been my experience that that is not the one being used most places.
But what does yours say on compensation? How can it be cancelled? What is its term?
The National Association of REALTORS® offers a designation - ABR - Accredited Buyers Representative - that requires the REALTOR® to attend a prescribed course of study about the "ins and outs" of what it takes to really represent a buyer - to focus on the needs of the buyer - to best protect the interests of the buyer.
If you are interested in using a Buyers Agent, I would suggest you look for one with the ABR designation.
In Maine the Exclusive Buyer Representation Agreement must be in writing as of 7/1/06. Without a written agreement, when I'm working in "customer" status, I cannot give any advise or favor either party over the other. As one of my instructors used to say, I'm just a "monkey with a key."
In Maine the Exclusive Buyer Representation Agreement must be in writing as of 7/1/06. Without a written agreement, when I'm working in "customer" status, I cannot give any advise or favor either party over the other. As one of my instructors used to say, I'm just a "monkey with a key."
There is a wide and general trend in recent years to transaction broker status. What the brokers want to do is get rid of any fiduciary requirements and simply act as the go between. The want the money without the liability. Perfectly reasonable if you can get it.
There is a wide and general trend in recent years to transaction broker status. What the brokers want to do is get rid of any fiduciary requirements and simply act as the go between. The want the money without the liability. Perfectly reasonable if you can get it.
Not good for the consumer however.
Olecapt, where are you going(or coming) with this "wide and general trend in recent years to transaction broker status"? This is the first I've heard of this trend. It must be very State specific because it sure isn't the case in Tennessee or most of the surrounding states in this area. I've also seen no move nor discussion in this area to getting rid of any fiduciary requirements/responsibilities. This "trend" also seems to be at odds with the coursework and business model of Accredited Buyer Representatives(ABR).
Olecapt, where are you going(or coming) with this "wide and general trend in recent years to transaction broker status"? This is the first I've heard of this trend. It must be very State specific because it sure isn't the case in Tennessee or most of the surrounding states in this area. I've also seen no move nor discussion in this area to getting rid of any fiduciary requirements/responsibilities. This "trend" also seems to be at odds with the coursework and business model of Accredited Buyer Representatives(ABR).
Well OK has gone transaction broker only I believe. FL and, I think, CO default to Transaction Broker and many FL brokers allow no other relationship. In my own NV recent statutory changes has removed common law and fiduciary requirements and replaced them with specific statutory ones. I think this has all occured in the last ten years. I am not aware of any state going in the other direction.
Maybe it would help to know what state you are in and then go from there. If you are looking at a particular home and the listing agent is the one saying "Sure I would love to be your buyer agent", what the agent is really saying is "Sure I would LOVE the entire commission".
If it's not a particular home, then its not a problem having a buyers agent who also does listings, but just make sure the listings they show you aren't coming only from their firm, because then they are not doing their fiduciary duty.
YOu are overstating the case. There clearly has been movement to TB status.
I disagree.
You would have found out the complete picture if you had gone to the presentation at the Convention
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