Page 75

Let’s Get Started

8. The Buyer Broker Contract When making such an important purchase as real estate, we would insist that our broker work for our best interests alone. You worked with us as our buyer agent and used your experience to find a house and negotiate the best deal for us in a tough resort market. —Daniel and Julie Zangari

A

buyer broker contract is a contract between the buyer (you) and the Realtor®, and it works two ways. First, the Realtor® becomes your broker and is obligated to represent your best interests. Second, the contract represents your commitment to the Realtor® and says that you will work with them exclusively. This agreement means that when you see a sign on a property, you will not call the listing broker yourself to negotiate a deal, nor will you go into a property that is for-sale-by-owner to do the same. Instead, you will call your broker and ask them to get you information on the property. You now have a broker; use them. The whole purpose of this exercise is to get you the best deal possible. If you have selected a good broker, you should recognize they have the experience and the skills necessary to represent you effectively. It takes a modicum of trust to see that play out and it is now time for your Realtor® to earn their commission. There are a few items you should pay particular attention to in a buyer broker contract. In some states, most of these things are already part of the standard contract, but in many other states, this may not be the case. Before you sign, at least discuss the following topics: 71

Profile for Linda DeVlieg Real Estate

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

Profile for lindadev