Buyer Agency Agreement – Virginia Law
You’ve been browsing for homes online for awhile and now are ready to buy. One day while you are looking at properties online, you see one that you REALLY want to see in person. So you call a real estate agent from the website and ask if they can show you that home tonight at 5:00 PM.
The agent will ask you tons of questions about your home search and maybe even ask that you meet in person to talk about your goals, your timeline for buying and your financial readiness to buy. You might get a little frustrated because you just really want to see this house and you don’t want to have to fill out forms or provide a ton of information if this house isn’t the ONE.
There are several reasons why that agent isn’t hopping into their car to show you that property. First, there is a safety issue. Most agents will not/should not meet someone they only spoke to once on the phone at a property. Second, the agent doesn’t know if you are really serious or even qualified to afford the home you want to see. And lastly, there is a Virigina law that says that a licensed real estate agent cannot show you a property without having a signed Buyer’s Agency Agreement.
This agreement sets the expectations for the potential buyer and the duties and services the agent will provide to the buyer. The agreement can be written so that it is valid for only one day. But in most cases, after you meet the agent and talk about your goals, the agreement is written for an agreed upon amount of time, say, six months or more. It has to have a defined start date and a end date.
The Agency Agreement was implemented to protect the Buyer’s rights. Having this in place means that when are you ready to make an offer on a property, the agent represents YOU during the transaction and not the seller. The agent will work very hard to make sure your home buying transaction is successful. Also, when you sign this agreement, it shows your level of committment to buying a home. If you are committed to the process, your agent will be at least 110% committed to helping you achieve your real estate goals.
I always tell my clients and potential clients upfront, that if for some reason, if I am not the right agent for you, I will terminate the agreement and help you find an agent that better fits your needs. Customer service is the basis of my business and I want each an every client I work with to have a exceptional experience, even if it isn’t with me.