Buyer Broker Contracts are legal agreements that are typically given to clients in Eagle Mountain UT to sign by their real estate agents before they start formally working with each other. These agreements include many details about the professional responsibilities that the Realtor and the broker have toward the client as well as the responsibilities that are placed on the client. A buyer broker is a legally binding contract. This contract specifically points out who will be the official representative of the client with regard to all his real estate transactions in Eagle Mountain Utah. There are many different types of agreements. I will review the two most common types that are used in Eagle Mountain, Utah.
This is one of the simplest types of contracts used in Eagle Mountain Utah. It contains only the responsibilities and duties of the broker and real estate agent such as agency relationships and the obligations of the client. It does not have any information regarding the compensation of the real estate agent nor of the broker. Since it is non-exclusive, under this type of agreement, the buyer has the option to hire any number of agents to represent him in Eagle Mountain. A Realtor may not be very loyal if you choose to hire him with a non-exclusive Buyer Broker Agreement. A non-exclusive buyer broker agreement is a very casual commitment.
The exclusive right to sell agreement is the agreement that is most preferred and used by real estate agents in Eagle Mountain, Utah. It contains all of the information contained in the first two types with one major addition: the buyer broker agreement grants exclusive rights to the broker to be the sole representative of the client in all real estate negotiations made in Eagle Mountain.
This means that the client cannot hire any other Realtors to represent them and they cannot purchase a home from any other Realtor either. At first glance, this may seem to be a bad agreement for the buyer but it has its positive points too. In this agreement the agent becomes an “employee” of the client in that he will work for and in behalf of the client to get the best deals that will benefit him. An exclusive Buyer Broker Agreement is the most common type of Buyer/Realtor agreement in Utah County.
If you are making an offer on a property most agents in Utah County will use a buyer broker agreement. You may want to become familiar with the duration of the contract and amount of commission owed to your agent prior to blindly signing this agreement. It is legally binding in Utah.
