Company hires an independent contractor to perform various purchasing agent duties as agreed upon in the Contract while not binding the company outside the scope of the purchasing agent's duties.
Connecticut Self-Employed Purchasing Agent Services Contract
State:
Multi-State
Control #:
US-INDC-53
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Connecticut has a law that requires agents and buyers to sign an agreement in order to show a home that is not listed by the agent's brokerage. Agents who do not have buyers sign a representation agreement are breaking the law!
Representation: A BRA ensures that your real estate agent will work in your best interests and abide by the services listed in your contract. They can handle much of the homebuying process including negotiating, inspecting, and paperwork.
For in-house sales, where only one brokerage firm is involved, the brokerage firm can represent both the buyer and seller as a dual agent, provided that this consent is obtained. The forms provide guidance as to what type of disclosures cannot be made in a dual agency relationship.
Dual agent A real estate agent may act as a double agent representing both the buyer and the seller in a real estate transaction but only with both parties' express consent. A dual agent shall be neutral concerning any conflicting interests of the seller and buyer.
Exclusive Buyers Representation Agreement (EBRA)As is common in Alberta, the seller's brokerage often offers a fee to the buyer's brokerage through the MLS® system, and the EBRA gives the authority from the buyer to have their fee paid by the seller through the transaction.
Every state has its own laws regarding real estate sales. In some states, hiring a legal professional is optional for home buyers or sellers, but Connecticut is not one of those. In Connecticut, state law requires all home buyers and sellers to involve a real estate attorney in the process.
A Buyer's Representation Agreement clarifies expectations, helping you understand what you should and shouldn't expect from your buyer's rep, and what they will expect from you, which usually centers on loyalty.
In Connecticut, the home seller typically pays the realtor fees for all agents involved in the sale. This is the standard nationwide.
Legally speaking, there isn't a time frame sellers must respond to your offer. However, it's an unspoken rule in the industry that sellers and/or the listing agents should respond within a few days, with 48 hours the norm.
Sub-agency is illegal in Connecticut. A dual agent is required to act in the best interests of both the seller and the buyer. Dual agency consent can be obtained at the time an agency agreement is signed. A designated agent only represents one party and is not a dual agent.
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