A Buyer Representation Agreement is used when searching for a home and is designed for your protection. It can be non-restrictive and is used when purchasing specific properties; within geographical locations and limited to a defined time period. The benefit for you is that the realtor;
1. Is 100% loyal working for you (not just assisting); with your interests held first to find that ideal property
2. Will provide skilled and conscientious service; due diligence (not just competent service)
3. Will provide advice (not just information)
4. Will post in the MLS Buyer Registry for all listing agents to see
5. Will keep all personal client information, financial position, urgency, motivation and price confidential
6. Will provide full disclosure of any material fact relevant about your home purchase or about the seller
7. Will provide new listings real time so you see good value properties first before they are sold. Public web-sites are typically delayed 1-2 days publishing data from MLS.
Not having a Buyer Representation Agreement in essence means that the buyer is working as a sub-agent for the seller’s agent. Nothing you say is confidential and everything you say can be used against you as a sub-agent under contract to the seller.
This is a bad situation for the realtor and the buyer that we strongly recommend you avoid.