Understanding the Exclusive Right to Represent Buyer Agreement
In Virginia, homebuyers must sign an Exclusive Right to Represent Buyer Agreement before working with a real estate agent. This legally binding contract establishes your exclusive relationship with the agent’s brokerage firm and outlines what each party is responsible for throughout the homebuying process.
The agreement includes key details such as responsibilities, fees, commissions and the start and end dates of your arrangement. Once signed, you’re committed to working with that agent or brokerage firm for the duration of the contract, even if you find a home on your own.
Signing this agreement ensures that you have a real estate agent legally committed to representing you and binds them to confidentiality.
Here’s what is expected from homebuyers:
- Sign the agreement before touring homes.
- Review and understand all terms and obligations.
- Understand the four compensation components outlined in the National Association of REALTORS® settlement.
If issues arise after signing:
- Talk to your agent to resolve concerns.
- Review your contract to understand termination terms and obtain written cancellation if you sever the agreement.
- Speak with the broker if you need support or want to request a new agent.
- Wait for the contract to expire or seek legal advice, if needed.
GOOD TO KNOW
Once signed, this contract locks you into working with that brokerage firm for a set time. Know the terms before committing.
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