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Buyer Broker Agreement

Understand How Agents Work in Lehi, Utah

There are very few real estate agents in Lehi, UT that work on a salary. Most of them work on commission. This means that they earn money from the sale of the properties that they are able to close. If they fail to make a sale, they do not earn anything. This also means that time is very important to them, just as time is important to you.  If you make an appointment with an agent, do your best to keep it. If there is some reason why you can’t, be sure to call in advance and inform him about. This will ensure that you won’t waste your agent’s time and you can expect that he won’t waste yours either. 

Furthermore, you should be ready to buy once you acquire the services of a real estate agent. If you are just “shopping” for homes in Lehi but are not ready to buy yet, then you do not yet need an agent. It is considered very rude to shop with different Realtors and not pledge loyalty to a specific agent. Also, if you have pledged your loyalty to one agent you need to use this agent to show you all the homes.

Disclose to the agent prior to seeing a home that you have a buyer broker agreement with another agent. It is like dating.  If you are engaged to be married you shouldn’t be dating other people. Below is an example of a Buyer Broker agreement. Once you have pledged your loyalty to an individual agent you should sign a Exclusive Buyer Broker Agreement. If you only want the agent to show you one home then you would sign a Non-Exclusive Buyer Broker Agreeement. This is a less common buyer broker agreement that only binds you to work with that agent on the particular home or homes you been shown. If you don't specify the type of buyer broker agreement an agent with likely give you a Exclusive Buyer Broker Agreement to sign.

buyer broker agreement

Buyer Broker Agreement and Agency Disclosures

A Buyer Broker Agreement is the legal document that formalizes the relationship between you the buyer and the real estate agent in Lehi, UT. With this buyer broker agreement, the duties and responsibilities of the agent to you is clearly explained just as your responsibilities as the buyer are listed in the same way. There are Exclusive Buyer’s Brokers Agreements and Non-exclusive ones so make sure to ask about them both. 

Then ask if your agent would be willing to let you out of the agreement if he is not able to comply with the terms of the agreement. If he says no, don’t sign the agreement and look for another agent in Lehi, Utah. 

Make sure you fully understand the agreement before you sign it. Additionally, agents are also legally bound to provide buyers with an Agency Disclosure. This is an important disclosure which serves as the proof of receipt. Read this well and understand it. It is required to sign a Buyer Broker Agreement with a Realtor in Utah prior to (not after) making an offer on a home.

Let the Realtor Know Your Expectations in Lehi, Utah

If you have specific expectations about how you will work with the agent in Lehi Utah, let him know in advance. For example, if you expect to be picked up from your home and be driven back after a day of looking at prospective properties, ask if the agent provides this service. There are agents in Lehi who can comply with this but there are also those who can’t. So make sure you get the one that’s right for you.

Paul Teasdale is easy to work with and he will have several suggestions that can work for you in getting the property you want. He has been in selling homes in Lehi Utah full time since 1995 and has sold over 1,100 homes in Utah County.

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