Lone Star Lake Views A Lake Conroe & Montgomery County TX Real Estate site Featuring Conroe, Willis, Montgomery Listings & Homes by Megan Behan

Why you want to sign the Buyer’s Representation Agreement

The IBS Form Outlines Who Represents You in the Texas Real Estate Contract.

When people begin looking for homes they sometimes make the rookie mistake of just calling the listing agent on the sign or MLS  thinking they will get a better deal.

However, there are some key things that you need to understand about how buying and selling works in Texas. When you meet with a reputable agent for the first time, they should introduce and explain the Information About Brokerage Services Form to you.

This IBS form discloses the following key elements:

• The listing agent works for the seller, not YOU.
• The buyer’s agent represents the buyer.
• Intermediary status -Explained in detail below.

Intermediary status (usually) occurs, when parties to the contract, work with one or more agents from the same brokerage, and it’s an in-house listing. This can be done with or without appointments. If the contract is with appointments your agent will be at liberty to discuss opinions and give advice. Without appointments means both parties to the contract are only privy to the same information unless openly disclosed and written otherwise. This way neither party is given an unfair advantage over the other.

Why having your own representation is crucial when negotiating your home purchase.

1. Full representation along with a fiduciary responsibility to you the client.
2. Full Access to all the available properties on the MLS system.
3. Loyalty to you the buyer not the seller or listing agent
4. Complete up to date knowledge of the market
5. Someone negotiating for YOU all the way to the closing table!

Ask yourself what you are looking for in an agent. Do you want someone working on your behalf?  If the answer is yes, then you will absolutely want to sign the Buyer’s Rep Agreement.  Did you know until you sign the Buyer Rep contract, all Realtors are working as a subagent to the listing agent? This means they are technically representimg the seller and not obligated to give you any advice or opinions about the properties you are seeing.

The most important thing to take away from this is, that a buyers agents duty is to YOU, the buyer, not the seller, and is working for you to make sure you get the best price and the best deal.

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Are you ready to buy a lake house, sell your current home, or find a real estate investment around Lake Conroe, Willis, Montgomery or MoGo County TX? Let our team show you how to save both time and money with your purchase. Contact me here or say hi below.