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Washington Buyer Agency Agreement
A Washington buyer agency agreement is a legally binding document that establishes a relationship between a real estate agent and a client for the purpose of purchasing property. The agent is responsible for seeking and negotiating the purchase of property on behalf of the client. This agreement lays out the agent's responsibilities to the client and also outlines the type of property the client wishes to purchase, as well as the compensation required to be paid to the agent for their services. A commission is usually paid to the agent as a percentage of the completed purchase price.
Disclosures
The following disclosures must be made by the agent to the client before executing any agreement:
Agency Disclosure Form
The agent must present the Agency Disclosure Form to the client. This form discloses the real estate relationships between the agent and their client(s) (§ 18.86.030(g)).
Disclosed Dual Agency
Agents are only permitted to represent both buyer and seller in a transaction if all parties provide their written consent (§ 18.86.060).
It's important for both the agent and client to review these disclosures before signing the buyer agency agreement. Transparency and full disclosure are essential for a successful real estate transaction.
Conclusion
A Washington buyer agency agreement is a vital document that establishes a relationship between a real estate agent and a client. It's important to understand the agent's responsibilities and the compensation required for their services. Additionally, the disclosures required by law should be reviewed and understood by both parties to ensure a successful transaction.
FAQs
1. What is a Washington buyer agency agreement?
A Washington buyer agency agreement is a legally binding document that establishes a relationship between a real estate agent and a client for the purpose of purchasing property.
2. What is the agent's responsibility in a buyer agency agreement?
The agent is responsible for seeking and negotiating the purchase of property on behalf of the client.
3. How is the agent compensated in a buyer agency agreement?
The agent is usually paid a commission as a percentage of the completed purchase price.
4. What disclosures are required by law in a buyer agency agreement?
The agent must disclose their real estate relationships to the client and obtain written consent from all parties before representing both buyer and seller in a transaction.
5. Why is transparency and full disclosure important in a buyer agency agreement?
Transparency and full disclosure are important for a successful real estate transaction, as both the agent and client must fully understand the terms of the agreement for a successful transaction.