Tampa Bay New Home Finders
There is considerable confusion and an irresponsible amount of misinformation regarding compensation in real estate transactions. If you’re looking to purchase a home in Florida, you might have heard about the recent changes requiring a Buyer Broker Agreement for those working with MLS system members. This new mandate has created some buzz, and the most often asked question is what is in a Buyer Broker Agreement.
In this article we are not going to get into the benefits of using a Buyer Broker for your next purchase, but rather deep dive into what is in the actual agreement you as the buyer are being presented to sign.
What is a Buyer Broker Agreement?
A Buyer Broker Agreement is a contract between a homebuyer and a real estate broker. This agreement outlines the broker's responsibilities, the services they will provide, and the compensation they will receive. With the new requirements, anyone working with a member of the Multiple Listing Service (MLS) must sign this agreement before viewing properties. The Buyer Broker Agreement requirement aims to create a more transparent and secure real estate environment for buyers and agents alike.
Here’s what you’ll find in an Exclusive Buyer Brokerage Agreement:
- Parties Involved: This part names who is buying and which agency is representing the buyer.
- Term: Defines the time period you agree to work exclusively with the agency.
- Touring Agreement: States that this agreement must be signed before the agent/broker shows you any homes, including virtual tours.
- Property: Describes the type of property you want to buy, including location, price range, and other preferences.
- Broker/Agent Obligations: Details the agent's duties, from showing properties to helping you through the closing process, including Fair Housing rules and recommended service providers.
- Buyer Obligations: States that you will work exclusively with the broker/agent, follow Fair Housing laws, and seek professional advice for legal or tax matters.
- Compensation: Explains the broker's fee that you have negotiated for the agreement's term.
- Compensation Authorization: Describes how and by whom the broker's fee will be paid and lists any exclusions.
- Protection Period: Covers the exclusivity period and what happens if you switch to a different broker/agent.
- Buyer Notices and Information: Provides disclosures on topics like deed restrictions, schools, taxes, and where to find more details.
- Conditional Termination: Addresses how to end the agreement early if needed, ensuring transparency.
- Assignability: States that the broker can transfer the agreement to another broker.
- Dispute Resolution: Agrees that any disputes will be mediated or arbitrated.
- Brokerage Relationship: Restates the agent's duties as a transactional broker.
- Wire Fraud Notice: Warns about the risk of wire fraud.
- Customer Privacy: Assures that your personal information won’t be shared without your request.
- Miscellaneous: Indicates that signing this agreement cancels any previous agreements.
- Additional Terms: Lists any extra terms you and the broker agree on.
- Signatures: Both parties sign to make the agreement binding.
Whether you're purchasing an existing home or a new construction property, having a dedicated buyer's agent can make the process smoother and more advantageous. By providing expert guidance, negotiation skills, and unwavering advocacy, a buyer’s agent ensures that your home-buying experience in Florida is both enjoyable and successful.
If you're ready to explore your home-buying options in the Tampa Bay area, or if you have any questions about the new Buyer Broker Agreement, feel free to reach out. We're here to help you every step of the way.
To learn more about what this really means for you the BUYER!
To learn more about the new construction opportunities in the Greater Tampa Bay Area, visit here!
If you are considering purchasing a new construction home and would like to ask questions, schedule a discovery call today with one of us or our designated New Home Specialists.
Carla Goddard | East Pasco Living Team Lead | Operations Director Builder Services
Graduate, REALTOR® Institute | Residential Specialist | BHHS-Certified New Home Specialist | Certified National Home Specialist – Residential Construction Certified (CNHS-RCC) | NHCB Certified New Homes Co-Broker |BHHS-Certified eCertified® Specialist | BHHS-Certified rCertifiedSM Referral and Relocation Specialist | Tampa Bay Builder Services Manager
📧email: carla@eastpascoliving.com
📲text/call 813.716.4498
If you are considering purchasing a new construction home and would like to ask questions, schedule a discovery call today with one of us or our designated New Home Specialists.
Carla Goddard | East Pasco Living Team Lead | Operations Director Builder Services
Graduate, REALTOR® Institute | Residential Specialist | BHHS-Certified New Home Specialist | Certified National Home Specialist – Residential Construction Certified (CNHS-RCC) | NHCB Certified New Homes Co-Broker |BHHS-Certified eCertified® Specialist | BHHS-Certified rCertifiedSM Referral and Relocation Specialist | Tampa Bay Builder Services Manager
📧email: carla@eastpascoliving.com
📲text/call 813.716.4498
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