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Idaho Buyer Agency Agreement.

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Apr
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Understanding the Idaho Buyer Agency Agreement


The Idaho buyer agency agreement is a legally binding contract between a prospective real estate buyer and a licensed agent. The purpose of the agreement is to establish the buyer’s purchasing preferences, such as property type and geographic location, and define the compensation terms for the agent.

Purchasing Preferences


The agreement will outline the specific details of the property the buyer is looking for, such as the desired location, type of property, and any other important features the buyer is seeking in their potential new home.

Agent Compensation


One of the key aspects of the agreement is defining the compensation for the agent. Typically, the agreement will specify whether a commission will be paid from the sale of the property or if an alternative payment method will be established between the parties involved (e.g hourly rate or flat fee).

If the property is subject to a listing agreement, the agent will generally earn a commission which would then be split with the seller’s brokerage.

Disclosures Related to Buyer Agency Agreements in Idaho


In Idaho, certain disclosures are required to be made to buyers by the agent. These disclosures relate to the different types of agency relationships and the responsibilities of the licensee throughout the real estate transaction.

Agency Disclosure Brochure


As mandated by § 54-2085, this disclosure must be shown to and signed by the potential buyer at the first significant business contact with the agent. By doing so, the buyer acknowledges and accepts the different types of agency relationships as well as the role of the licensee throughout the real estate transaction.

Idaho Association of REALTORS® Buyer Representation Agreement


The Idaho Association of REALTORS® Buyer Representation Agreement, in its 2016 version, is commonly used by agents and buyers in the state of Idaho. This agreement can be signed electronically or in person and establishes the specific details of the compensation and the buyer’s purchasing preferences.

FAQs about Idaho Buyer Agency Agreements

1. What is the purpose of the Idaho buyer agency agreement?


It is a legally binding contract that defines the purchasing preferences of the buyer and compensation terms for the licensed real estate agent.

2. How is an agent compensated under the terms of the Idaho buyer agency agreement?


The agreement will outline whether the agent will receive a commission from the sale of the property or if an alternative payment method will be established between the parties.

3. What is the Agency Disclosure Brochure?


It is a disclosure mandated by § 54-2085 that must be shown to and signed by the potential buyer at the first significant business contact with the agent. It outlines the different types of agency relationships and the licensee’s responsibilities during the transaction.

4. Can the Idaho Association of REALTORS® Buyer Representation Agreement be signed electronically?


Yes, this agreement can be signed electronically or in person and establishes the specific details of the compensation and the buyer’s purchasing preferences.

5. What happens if the property is subject to a listing agreement?


If the property is subject to a listing agreement, the agent will typically earn a commission which will be split with the seller’s brokerage.


 
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