If you’re helping clients to purchase an asset such as a car or house, you may need a Buyer’s Agent Agreement.
A Buyer’s Agent Agreement allows you to act on your client’s behalf, and outlines the services you will engage in for your client which may include price negotiations, dealing with vendors agents, appraisals and searching for assets, just to name a few.
Why Do I Need One?
Having a Buyer’s Agent Agreement is a great idea, especially if you plan on acting on behalf of a client for the purposes of purchasing high value items, including property.
A Buyer’s Agent Agreement will also include conditions surrounding commissions and when it’s due to be paid, so it’s important to have that in writing.
What Is It?
It’s important to make sure that your Buyer’s Agent Agreement includes:
- The scope of services that you will provide for your client, including details of the items you’ll be purchasing for your clients.
- The amount of fees or commission that you’ll be receiving for the services.
- The circumstances under which you’ll be entitled to payment – is it when the items have been purchased or delivered?
- The method of payment that you will receive – will you deduct your commission from the deposit money?
- The extent of your authority to act on behalf of your clients – this could include instances where you, as the agent, are allowed to make decisions on behalf of your clients.
- The term of the agreement, as you could have either a fixed term or an open ended term for the duration of the purchase.
Ted is a Real Estate Agent at an Agency that helps clients buy and sell homes. Marshall is looking to buy an investment property and has engaged Ted’s services to help him purchase one.
Marshall is very busy with his day job, and wants Ted to be able to purchase the property on his behalf.
Since properties are high in value, Ted gets a Buyer’s Agent Agreement in place to make sure that he receives the commission he is owed for the purchase of the property.
This agreement also has authority to act terms, so that Ted is able to make decisions on behalf of Marshall.
Get In Touch!
If you’re a buyer’s agent who purchases property or goods such as cars for their clients, it’s important to make sure that you have a Buyer’s Agent Agreement in place.
If you need an agreement drafted, or other legals for your Buyers Agent Agreement, get in touch at firstname.lastname@example.org or 1800 730 617.
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