As a buyer looking for a real estate agent, it’s important to understand the terms and conditions of the buyer’s agency representation agreement. This agreement outlines the responsibilities and obligations of both parties in the real estate transaction. However, it’s equally important to be aware of what is not included in the agreement to avoid confusion and unrealistic expectations. In this article, we`ll explore some of the things that are not a provision under the buyer’s agency representation agreement.
1. Guarantee of finding a property: The buyer’s agency agreement does not guarantee that the agent will find a property that meets all of the buyer’s criteria. It’s the buyer’s responsibility to clearly communicate their needs and preferences to the agent. The agent will then work to find properties that match the buyer’s desired criteria.
2. Home inspections: Home inspections are not included in the buyer’s agency representation agreement. However, it’s highly recommended that buyers have a professional home inspection conducted before finalizing their purchase. The agent can recommend a home inspector, but it’s the buyer’s responsibility to hire and pay for the inspection.
3. Financial advice: While the agent can provide information about the real estate market and help the buyer negotiate a fair price, they are not financial advisors. It’s important for buyers to seek advice from their own financial advisors or mortgage brokers regarding their financial situation and options.
4. Legal advice: The buyer’s agency agreement does not provide legal advice to the buyer. The agent can provide general information about real estate laws, but buyers should seek legal advice from a real estate attorney if they have any legal concerns about the transaction.
5. Home repairs: The buyer’s agency agreement does not require the agent to make any home repairs or renovations. However, the agent can recommend contractors or home repair services if needed.
6. Moving services: The buyer’s agency agreement does not cover moving services. It’s the buyer’s responsibility to make arrangements for their move, whether that involves hiring a professional moving company or doing it themselves.
In conclusion, the buyer’s agency representation agreement is a crucial tool in the real estate transaction process. However, it’s important for buyers to understand what is not a provision under the agreement to avoid confusion and unrealistic expectations. By being aware of what is not included, buyers can work more effectively with their agent to find their dream home.