There is really no boilerplate contract for this situation. Each can be different and tailored to the needs and concerns of that particular agent and buyer. Read the fine print carefully so you know what you`re getting into and do it to a lawyer if you have any questions or concerns. Don`t make assumptions. While brokers usually have sellers sign listing contracts, buyers can also execute brokerage contracts. The three main types of the California Buyer Brokerage Agreement describe the broker`s responsibilities to the buyer. They also bind the buyer to pay the real estate agent for all work performed on his behalf. While it is almost always in the broker`s best interest to have signed the agreement, it also contains valuable protections for the buyer. Let`s take a moment and think the other way around.
What do you think happens when a higher or lower commission rate than the typical commission rate affects the demonstrations of a listed house? Do you think a property with a $1 commission will have a lot of agents to show it? How about someone with a commission or bonus? As someone who also works with sellers, I can tell you that a higher commission increases traffic to an offer. As a buyer, however, do you want your choice of home to be seen by the filtered lens of compensation? Or do you want your agent not to worry about him or her doing more or less from one house to another? Maybe. Perhaps it is really in the best interest of the buyer to eliminate the bias of better remuneration! Many agents will respond to a warranty claim if you ask for it. You would be freed from the agreement if one of you decides that the relationship is not working or that your personalities come into conflict. If there aren`t enough homes on the MLS that meet the needs of the buyer, it`s time to go beyond what`s currently available, i.e. previous offers that are no longer available (offers that are withdrawn, expired or cancelled) or those that are not yet on the market. It also means researching unpresented sellers (i.e. those who say they want to sell “for sale by the owner”, or those who may not have thought about selling at all, but might if the right offer comes up). . . .