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A buyer agency agreement, also sometimes called a buyer representation agreement or a buyer-broker agreement, is a contract between a home buyer and a real estate agent that outlines the terms and conditions of their working partnership.
A Buyer Representation Agreement (BRA) is a written contract between you and your real estate agent that confirms your business relationship. It is an important document that outlines the services your real estate agent provides and what your real estate agent expects from you.
There are three different types of buying agency agreements. These agreements must include an expiration date, a fair housing statement, a blockbusting statement, and a signature line for both the broker and the seller.
A seller representation agreement, also known as a listing agreement, is an agreement between a seller of real estate and a brokerage firm that provides detailed information on the property being sold. It forms the foundation of negotiations between the seller and the buyer through an agent.
You should include certain clauses in an agency agreement for it to be enforceable. These consist of a defined scope of work, payment schedule, termination clause with effective date and requisite notice period as well as specific consequences if any breach happens.