Transcript
Hi there guys, there are a few things that you should keep in mind with couple of the most frequently used contracts in real estate, namely, the listing agreement and the buyer representation agreement. A signed listing agreement establishes the terms between the listing brokerage and the sellers for the duration of the contract. Some of the terms are list price, length of the contract, consent for advertising, and the commission that sellers are going to pay both listing brokerage and buyers brokerage. On the other hand, a signed buyer representation agreement signifies a commitment between the buyers and the agent to work together exclusively for a duration of time, to buy a home listed on MLS. Something important to point out here is that if during the duration of this contract, you end up buying a home privately through a seller or a builder, and the seller or the builder are not willing to compensate your agent, then you risk ending up having to pay the commission owed. Yes, these contracts protect the interests of the consumers, but at the same time, they establish a fair level of commitment between the two parties. Feel free to call or message me any of your questions. Thanks so much.