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Hi,
I approached a RE agent for my home purchase. I am asked to sign Residential buyer/tenant representation agreement for 6 months with 120 days protection period after the expiry of agreement. Is this process common with these specific time lines? Please let me know.
Last edited by BstYet2Be; 10-10-2012 at 05:11 PM..
Reason: moved from the Dallas Forum
I am trying to check the old threads for similar topic. Looks like, it is a good thing to sign this agreement otherwise, same realtor might be representing both sides. In case where group of realtors working under same company /campus / title ? Is it possible for one of them being a seller agent and our realtor can represent us as a buyer agent?
Can some one please tell me what is COMP sales, DOMs and PD's records.
I am trying to check the old threads for similar topic. Looks like, it is a good thing to sign this agreement otherwise, same realtor might be representing both sides. In case where group of realtors working under same company /campus / title ? Is it possible for one of them being a seller agent and our realtor can represent us as a buyer agent?
Can some one please tell me what is COMP sales, DOMs and PD's records.
If your agent didn't explain those acronyms to you, I'd find a new agent. Seriously it is their job to explain the basics to you in a way that you understand. COMP sales are comparable home sales. DOM is Days on the Market. I don't know what PD's records are since we don't use that term here. We only use PD for police department, but my guess would be public domain records??
Signing a listing agreement doesn't necessarily mean they won't represent both sides. It depends on what the buyer agreement says. Whether or not their is dual agency with two different agents from the same company depends on state laws. Some states have designated agency.
Last edited by Silverfall; 10-10-2012 at 06:03 PM..
I would say that no, this is not common for a buyers agent. People set up all kinds of agreements, but I have never personally signed any buyers agent agreement except when there was dual agency involved--meaning, the same agent was representing the seller and me as the buyer. Even then, it was not a contract but rather a statement that I knew that is what was going on.
Take this with a grain of salt, but when I signed a representation agreement with my agent early this year it was for a 120 day period.
My agent also included language in her agreement that she would not represent both parties in a transaction, and that she was required to disclose which listings were represented by another realtor within her brokerage for full disclosure purposes.
If your agent didn't explain those acronyms to you, I'd find a new agent. Seriously it is their job to explain the basics to you in a way that you understand. COMP sales are comparable home sales. DOM is Days on the Market. I don't know what PD's records are since we don't use that term here. We only use PD for police department, but my guess would be public domain records??
Signing a listing agreement doesn't necessarily mean they won't represent both sides. It depends on what the buyer agreement says. Whether or not their is dual agency with two different agents from the same company depends on state laws. Some states have designated agency.
Thanks for the reply. I started working with realtor from last week. So far, she showed me 3 houses. May be, she is going to explain these things later. But I am expecting little more direction from realtor considering it is my first home purchase. She provided links to specific project I am worried about in the neighborhood and addressing all the questions. But I expected little more explanation in terms of numbers and tangibles. May be, I am expecting too much from a realtor.
To me, the crux of the issue is the length of the agreement. I think that 10 months is far too long to lock yourself into an agreement with a buyer's agent--especially one who may not be your best representative. Particularly as a first-time home buyer, there's no sense in limiting your ability to work with other agents should this agent not work out. Shorter agreements--or an agreement covering an offer for a particular house--are better for house hunters; longer, general agreements favor agents. Sometimes there's not even a written agreement since many agents wouldn't think of holding you captive to a lengthy buyer's representation agreement.
Thanks for the reply. I started working with realtor from last week. So far, she showed me 3 houses. May be, she is going to explain these things later. But I am expecting little more direction from realtor considering it is my first home purchase. She provided links to specific project I am worried about in the neighborhood and addressing all the questions. But I expected little more explanation in terms of numbers and tangibles. May be, I am expecting too much from a realtor.
Before selecting your agent you should inquire as to their background and experience. I would want my buyers agent to have at least 10 years of full time experience. Turnover is rampant in the field, and it is very easy to get stuck with someone who is unqualified. This is one of the biggest purchases you will ever make, so you want to be represented by someone with many deals under his or her belt. And also someone who will not subject you to a dual agency (where the agent represents two sides of the same transaction).
Thanks for all your help. I will ask realtor to reduce the length of agreement and see how it goes. I will also check with them about disclosures in case another realtor within her brokerage representing seller. I am assuming that realtors are equipped with information about homes from multiple locations as this agreements restricts me to work with one realtor.
The length of the contract hardly matters if there is an escape clause.
Buyer agency agreements are required in North Carolina prior to writing an offer, and I have one in all my buyer agency agreements.
"Either party may terminate this agreement at any time prior to location of a suitable property."
Protects both parties if the relationship is not productive.
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