New York State Buyers Agency Agreement

This is the sixth in a series about forms and contracts relating to New York State Real Estate.

The buyers agency contract is an agreement between an agent and buyer that sets up a relationship where the buyer is represented by the agent in the purchase of property. The buyers agent can provide services that are not offered to customers. The contract is a employment as the listing agreement is but the buyers agency agreement the agent is the employee of the buyer.

Services provided by a buyers agent are assistance in finding a suitable property, gathering information on property values, prepare and present an offer, help in finding financing and negotiating an agreeable purchase offer. The client is owed care, confidentiality, loyalty, obedience, accounting and disclosure by the agent.

Compensation can be paid either by the buyer or the seller. In most cases the listing agreement states the commission split to be paid to the buyer. In cases when the buyer agrees to pay the fee an hourly rate, flat fee or percentage is agreed upon in the buyers agency contract.

If the buyer decides to purchase a property that is listed by the buyers broker a dual agency would exist and the buyer and seller would need to sign a dual agency disclosure to avoid an undisclosed dual agency.

This is the sixth in a series about forms and contracts relating to New York State Real Estate- If you missed the prior to go to;

New York State Property Condition Disclosure

New York State Agency Disclosure

New York State Lead Disclosure

New York State Listing Agreements

The Offer to Purchase in New York

Barbara Carter and Becky Cook

Mother/Daughter Team Realtors

Exit Realty Services

10 Main Street

New Paltz NY 12561

Office: 845 255 HOME