Buyer Brokerage Engagement Agreement
When is a written buyer agreement required?
A written agreement is required by Georgia state law when a real estate broker has a client relationship with the home buyer and by the National Association of Realtors® when working with all home buyers prior to touring a home (in-person or virtually).
Georgia state law prohibits a broker from representing a buyer as a client without first entering into a written agreement with the home buyer.
Realtors® are required to have a written agreement when working with home buyers to provide brokerage representation or services, such as:
- Identifying potential properties
- Scheduling home tours
- Prior to touring homes (in-person or video)
- Negotiating
- Presenting offers
- Other buyer services
What is an exclusive buyer brokerage agreement?
It's simply a written agreement between the buyer and broker which establishes a confidential client relationship. The Georgia Realtors® Exclusive Buyer Brokerage Engagement Agreement permits the buyer's broker to act exclusively on the buyer's behalf in locating, negotiating the purchase of real property, and completing the purchase offer for the buyer's review and approval.
What are the benefits of an exclusive buyer brokerage agreement?
Broker representation & advice. The broker can give advice when representing a buyer client, offer counsel, and make recommendations on how to make a competitive offer, with the best terms, for the home they want to buy.
Unless representing the home buyer as a client with a written agreement, the state of Georgia limits a real estate broker to performing only "ministerial acts" which are defined as those that do not require the discretion or exercise of the broker's own judgement.
What is the period of an agreement?
The period typically begins when you start your home search and ends at the closing on your new home. The home buyer and broker can also mutually agree to terminate an agreement at any time.
What can we do for you as a client?
As local real estate experts we can guide you each step of the way. Here are just a few of the services we offer clients:
- We can give advice, offer counsel, and make recommendations throughout the home buying process.
- We can explain the different steps in the home buying process.
- We can help you sell your home if needed to buy another home.
- We can recommend a mortgage lender to assist you with getting pre-qualified.
- We can help you identify homes that meet your search criteria.
- We can answer your questions about buying a home, market conditions, and home values.
- We can schedule home tours for homes that you want to see.
- We can help you negotiate the best price on any property you want to buy.
- We can create purchase offers, counteroffers, notices, contract terminations, and numerous other actions in real estate transactions on your behalf.
- We can help make you aware of and and draft special stipulations that you may want to include in your purchase offer.
- We can answer basic questions for you regarding Georgia Association of Realtors® contracts in non-legalese.
- We can help you communicate effectively with the seller and other real estate agents when issues arise.
- We can help you manage time limits for due diligence & financing contingency periods, home inspections, negotiating repairs, and closing on the purchase of a home.
- We can make recommendations on various experts you may need to consult with or help you in a real estate transaction, including home inspectors, termite inspectors, HVAC, roofers, painters, plumbers, and other contractors.
- We can help you communicate and coordinate with various experts you may have hired to assist you with the home buying process.
- We can recommend an attorney if you have questions of a legal nature.
- We can create a market analysis for comparable sold homes in an area in which you are interested in buying.
- We can make you aware in non-legalese certain laws affecting real estate transactions, such as lead-based paint laws.
- We can help explain what costs you will likely have in buying a home other than the purchase price.
- We can advise you on how much earnest money you may want to offer.
- We can help you understand the settlement statement being used in the transaction.
- We can help you successfully close on the purchase of your new home.
These are just a few of the many services we provide exclusively for our clients!
today or call 912-BUY-3077 for a free home buyer consultation and find the home that's right for you.
Home buying questions?
Read our informative frequently asked questions (FAQ) on How to Buy a Home in Georgia.