Why am I asked to sign a document just to look at a house?
01/13/2015 | Author: Legal Staff
I want to buy a house, but every time I contact a real estate agent to see a property, he or she asks me to sign some representation agreement. Why do I have to sign this long document just to walk around a house?
That long document is the Residential Buyer/Tenant Representation Agreement. It’s a written agreement between you, the client, and the real estate broker that spells out the terms of the broker’s representation—how he or she will assist you and work in your best interests—and how the broker will be paid. You can still be represented without a written agreement; however, as with any business arrangement, it benefits both parties to put things in writing.
The agreement can be in effect for any amount of time, from a few hours to many months or longer. So, if you’re leery of a long-term arrangement, sign the agreement for a short period and see how it goes. You and the broker can always agree to amend the end date.
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