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Why Do I Need a Buyer-Broker Agreement?

Crofton Real Estate Q&A

Q.  I didn’t have a buyer-broker agreement when I bought my last home… Why do I need one now?

A.  At your first scheduled meeting with any real estate licensee in Maryland, you will receive a form titled Understanding Whom Real Estate Agents Represent (sometimes referred to as the “Agency Disclosure”) which you must sign.  No obligation on your part is implied when you sign this form; it simply acknowledges that you received a copy of this information from the agent.

The Agency Disclosure provides very clear and comprehensive explanations of the relationship between real estate licensees and consumers in Maryland.  In the meantime, here’s a much briefer explanation that will help answer your question.

Agents Who Represent the Seller –

    SettlementAgents Who Represent the Buyer –

    Dual Agents –

         

        No matter which type of agent you choose to work with, you have certain rights and responsibilities that are outlined on the Agency Disclosure, including this one:

        This written agreement is the Buyer-Broker Agreement which formally makes you a “client” rather than a “customer” of the agent.  Yvette Chisolm, a colleague at Long & Foster Real Estate, Inc., addressed this topic in her post Client or Customer – Does It Really Matter?, and I encourage you to click through and read it.  Together with the brief descriptions of the different types of “agency” in Maryland you see here, I think Yvette’s post will help clarify why you need a Buyer-Broker Agreement in Maryland.

        Copyright Margaret Woda.

        Information contained in this post is deemed reliable on the date of publication,
        but it is not guaranteed and it is subject to change without notice.

         

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