There are several types of Buyer Agency Agreements to choose from. I typically work with the “Exclusive Buyer Agency Agreement”, meaning that you, as the Buyer, and I, as your Agent, are, well… going steady. For the purposes of you buying this house, I work only for you and you are only using me to help you.
When you sign this Buyer Agency Agreement, you are actually hiring my Firm, which in this case is Fathom Realty NC, LLC. I am working with you as their representative. This way, if something were to happen to me, Fathom can pick up wherever I left off and keep our commitment to you.
This document says that I will be helping you find a home that is generally in the Triangle area, which is typically Raleigh, Durham, Chapel Hill and the surrounding counties and towns. That being said, the Triangle is HUGE! It would be a disservice to you to show you homes in an area where I generally have not worked or do not work. In that case, I would refer you to another agent who is more familiar with that area.
The duration of our agreement will be written on this form. I usually set our agreement at six months or until you purchase your home, whichever comes first. We will be working around your time frame.
On average, it will take a Buyer about six weeks from the time they sign a contract to the time they actually purchase the home. If you give yourself adequate time to search for and find the home you want to buy and then add in the time you will be under contract or, your “Due Diligence” period, you will see that we can spend many weeks and often months looking for and purchasing your home.
If you are interested in seeing the timeline, I have a document called, “Searching For, Researching & Buying Your Home”. This provides a typical timeline that you can refer to as you plan your home search. Let me know if you would like a copy.
Many people think that, as agents, we are employees of our firm and get paid a regular salary, which is rarely the case. We are contractors, so unless the agreement is spelled out otherwise, we are not paid until you “close” on your home.
In my next post, I will discuss how we are typically paid and by whom.