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Buyer Agency Agreement

A buyer agency agreement exists when a real estate agent contracts to represent the buyer in his or her purchase of property. This agreement states the terms and conditions of the representation. The National Associaion of Exclusive Buyer Agents suggests in its Standards of Practice that such an agreement be in writing. This agreement should ideally be signed prior to the buyers going to see property with an agent.

The agreement should cover duration, obligations of the parties, and compensation. Although buyer agency relationship definitions vary from state to state, in the US state of Colorado, the agency agreement must

1) promote the client's interests

2) Seek the client's price and terms

3) Counsel the client on material benefits and risks and

4) Continue to maintain confidential information after the contract has expired.

Each state in the United States of America sets it's own regulations and rules with regards to real estate, and therefore there is no standard buyer agency agreement However, many states have state regulatory agencies that mandate that certain forms be used to define the relationship. In Colorado, if a buyer agency agreement is not signed, the relationship defaults to a transaction broker relationship.

Ideally, a non-contractual disclosure form is given to buyers that shows their choices of working relationships with brokers or agents within that state. However, lack of enforement makes this practice hit and miss in many parts of the country.

Click here for a sample buyer agency agreement for international buyers. It will give buyers the opportunity to at least think about the areas that should be covered prior to working with a buyer agent or broker in another country.