First-time Buyers: The Buyer Agency Agreement
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52Buying a home for the first time is a big adventure and a big investment for first-time buyers. First of all, most first-time buyers are young, recently married or have been employed less than five years. Needless to say, this is a new and big endeavor. There are many concerns facing them in purchasing their first home, such as, the amount of money needed to close; total monthly cash outlay for the home; loan programs available to them; neighborhoods and communities to purchase in; selecting a Realtor; and the list goes on and on.
My suggestion to first-time buyers is to start the process by interviewing several Realtors before selecting one. Do not sign a “Buyer Agency Agreement” with a Realtor until they feel they have found one they feel comfortable working with. Spending time upfront selecting the right Realtor pays off in the long run and makes the experience of purchasing a home a pleasant one.
The Buyer Agency Agreement is a binding document that defines the responsibilities for both, the buyers and the Realtor in the search for a home. This document is very important for first-time buyers because it describes to them what to expect from their Realtor. And vice versa, what their Realtor expects from them. When signing this document, you, the buyers, have retained (hired) that Realtor as your exclusive Realtor, that is, the Realtor works for you. Both parties must honor the terms and provisions of the Buyer Agency Agreement.
For additional information for buyers, visit my website: http://melvinwhite.com.
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