An Exclusive Buyer Agreement is a Buyer “Listing” agreement no different than a Seller “Listing” agreement. A Buyer listing is an agreement to find the buyer a home, just like a seller listing agreement is to sell the sellers property.
An Exclusive Buyer Agreement only means that the buyer will work “exclusively” with that licensee and not work with other offices. The Exclusive Buyer Agreement needs to have a start and end date, and the terms under which the buyer will buy and by what means the agent will be compensated.
Here is some clarity for the most common Exclusive Buyer Agreement Misconceptions:
- An Exclusive Buyer Agreement DOES NOT MAKE ANY AGENT AN EXCLUSIVE BUYERS AGENT…Exclusive Buyers Agents ONLY work in Buyer Agency offices the never list property…ever. Watch the video.
- An Exclusive Buyer Agreement is not the same as a mandated “agency” disclosure that is required by the state. It is also not an agreement for “Exclusive Buyer Representation” services that only an Exclusive Buyer Agent can offer.
- Having an Exclusive Buyer Agreement does not change the status of the licensee. If the licensee is a sellers agent, buyers agent, transaction broker, dual agent, single agent, or non-agent…what they are does NOT change. For example, if the Real Estate Office policy is to be a Transaction Broker, an Exclusive Buyer Agreement does not make the Transaction Broker a Buyers Agent…they are still a Transaction Broker.
Last but not least…read the agreement and understand it. “Working with” and “Assisting” does not mean “Representing”. Make sure that both the agent and the buyer clearly understand what they are signing so that there is informed consent and no Exclusive Buyer Agreement Misconceptions.
Copyright @ Buyers Broker of Florida 2012 “Exclusive Buyer Agreement Misconceptions”