The new Buyer Representation Agreement

Questions

• Yes.  A combination of state law and national regulations requires that the relationship between the buyer and the buyer's agent be described in a written agreement.

• The form must be understood and signed before any real estate services are delivered, such as showing a property.

• Yes, open houses are open to all; you can visit them without the document.  However, the agreement will be needed when the agent begins to deliver services of value to you as a buyer.

• The industry wants to be as transparent as possible about the Buyer and Agent relationship, the service the buyer can expect, what these services cost, and who will pay for them.  This clarity is critical.

WDRB TV in Indiana explains the new law and how it helps Buyers:

Sample Michigan Agreement

Sample Indiana Agreement