Monday, November 06, 2006
Buyer brokerage is the live out of real estate brokers representing a buyer in a real estate transaction. In the largest part states, until the 1990s, buyers who worked with an agent of a real estate broker in finding a house were clients of the brokerage, since the broker represented only sellers.
Today, if the buyer is working with a broker extra than the brokerage which "lists" the property, he may decide to enter into a buyer-brokerage agreement to be represented. If the buyer does not come into this agreement, he/she remains as a customer of the agent who is then the sub-agent of seller's broker.
With the raise in the practice of Buyer Agency in the US, particularly since the late 1990s in most states, agents have been able to represent buyers in the deal with a written "Buyer Agency Agreement" not unlike the "Listing Agreement" between brokers and sellers. In this case, buyers are customers of the brokerage.
A real estate brokerage attempts to do the next for the buyers of real estate:
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