How does a Buyer Representation Agreement works?
A Buyer Representation Agreement (BRA) is a binding contract agreement between the buyer and Brokerage that works in favor of the buyer. For the duration of the contract, the buyer is obligated to work exclusively with the Brokerage that he/she has signed the contract with. There are duties specified in Real Estate Business Broker Act (REBBA 2002) that will be owed to the buyer after signing a BRA.
The contract stipulates that the buyer will receive a high standard level of services in Real Estate from the Realtor® and the Brokerage. It signifies that the Realtor® and the Brokerage are to work exclusively on the buyer’s behalf at finding a property during a designated period of time. Furthermore, it specifies the commission payable to the buyer’s brokerage (owed to by the seller).