When completing a WB-36 Buyer Agency/Tenant Representation Agreement, there are certain key elements that buyers should include in order to ensure that they are receiving comprehensive, professional representation from their chosen real estate agent. Here are some tips on what you should consider including:
1. Scope of Representation
One of the most important elements of any buyer agency agreement is the scope of representation. This section outlines the specific services that the agent will provide to you as a buyer or tenant. Some common items to include in this section might be:
– Assistance with property searches
– Conducting property showings
– Negotiating purchase or lease terms
– Providing guidance on property inspections or financing options
Make sure that your agent is clear on your expectations and needs, and that these are reflected in the scope of representation.
2. Term of Agreement
Another important consideration is the term of the agreement. This outlines the length of time that the buyer agent will be representing you, and can vary based on your specific needs. For example, if you are looking for a property in a very competitive market, you may want a shorter term agreement so that you can work with multiple agents. Conversely, if you are looking for a more specialized property, a longer term agreement may be preferable so that your agent has more time to find the right options for you.
3. Compensation
Your buyer agency agreement should also outline the compensation that your agent will receive for their services. This can be structured in a variety of ways, such as a flat fee, a percentage of the purchase price, or a combination of both. Make sure that you understand how your agent will be compensated and that you are comfortable with the terms.
4. Confidentiality and Disclosure
Confidentiality and disclosure are important considerations in any real estate transaction. Your buyer agency agreement should outline how your agent will handle confidential information, as well as any disclosures that they are required to make by law.
5. Termination
It`s important to have a clear understanding of how the agreement can be terminated if necessary. This might include provisions for termination if you are not satisfied with the services provided, or if you find a property on your own.
In conclusion, when completing a WB-36 Buyer Agency/Tenant Representation Agreement, it`s important to consider all of the elements that will be important to you as a buyer or tenant. By taking the time to carefully review and negotiate these terms with your agent, you can ensure that you are receiving the best possible representation for your real estate needs.