Sign Montana Travel Agency Agreement Free

Document type sign travel agency agreement montana free

welcome to real estate with corrine i'm corrine kern i'm a broker with bitcoin real estate in billings montana in today's video i want to go over a state required form called the buyer broker agreement now there are two versions of this form and i think it's important for any buyer before they enter into this agreement to understand the details of this agreement and know their options so i'm going to go over that today some questions to ask and let's get into it so the first version of the form that i'm going to go over is what's called the short form version of the buyer broker agreement now i anticipate that this is probably the most commonly used version by most realtors and the reason for that is when a home is listed for sale with a realtor the listing agent and the seller come to an agreement on the commission that is paid and then they also come to an agreement on how much of that commission is paid out to a buyer's agent it's called a cooperation agreement and it's a whole premise for why we have a multiple listing service and a cooperation agreement between agents so most often this short form ver short form version is going to be used by a realtor and given to their buyer when only searching for properties that are listed for sale in the multiple listing service so it indicates in this agreement that a buyer is not obligated to compensate their realtor because their realtor will be compensated through the cooperation agreement on the listing side um and so anyway that is why this one is the most commonly used form so while the short form agreement does not obligate a buyer to compensate the agent that's representing them it does indicate in the agreement whether it is an exclusive or non-exclusive agreement so by marking the exclusive box and i would assume that most realtors are going to require this agreement to be exclusive it means that you as the buyer are obligated to work with that agent for the duration of the agreement now this buyer broker agreement will have an expiration date on it which means that until that expires or unless a agent is willing to let you out of this agreement if you purchase a home you are obligated to purchase it with the use of this realtor now by using a non-exclusive option in this agreement that means that you could use this agent or you could move on to any other agent without any sort of obligation to the one that you've signed this agreement with so my advice to any buyer before they sign this type of agreement is to get to know the agent to ask them questions in essence interview them um get some time spent with them and see exactly how they can be of help to you now even if they're a great realtor maybe they're just not the right fit and so you really want to make sure that before you're obligated to move forward with that specific agent that you vetted them out that you are sure that that's who you want to represent you when you're purchasing a property so the standard version of the buyer broker agreement is different in the sense that it actually indicates that the buyer will compensate the agent now there's a few different versions of compensation in here anywhere from a retainer fee to an hourly rate to an actual commission percentage um and this is often used when a buyer has um kind of a unique situation either they are looking specifically for a home that is a for sale by owner where the seller is not willing to cooperate and compensate the agent or maybe they're looking for an off-market property um so this is really going to be used in those more unique situations sometimes you will see both versions of these forms coupled together where if a property is found where it's listed for sale with another realtor and there's a cooperation agreement on compensation then that is the way that the buyer's agent gets compensated and if not then this version takes place and the buyer agrees to compensate their agent for for any compensation that's not coming from the seller's side um now in these forms there are also some additional disclosures that talk about um what a buyer's agent does and does not do now one of the things that is pointed out in this as well as a couple other forms is that a buyer's agent is not going to perform any professional inspections on the property now if we gain any sort of information that we think is an adverse material fact we are required to disclose that to you as a buyer but we don't go in and do any sort of professional inspections ourselves that we do have limited limited knowledge on those types of things so um it does go into that it talks a little bit about wire fraud um there's just some important things that are are highlighted on this form as well as within other disclosures and the buy sell agreement but all in all these forms are here to one make sure that you know what your commitment is when you're working with a realtor it's important to read through these forms and ask the questions that you think are pertinent before you commit to working with a real estate agent um and it's also there to protect the agent to make sure that the work that they're doing for their clients that they get compensated for that appropriately so if you have any questions you can always leave a comment below i've also included all of my contact information in the description box if you're new here i do upload new videos every tuesday talking about real estate uh the market here in billings montana um i'm always happy to answer any questions i'm really excited i am going to be rolling out next week a new series in addition to my tuesday videos and i'm going to be talking about building i'll be taking you through the entire process with a local builder here in billings montana um from the process of buying just raw land all the way through the finish of a build so very excited to get that going and collaborate on that and hope you guys will watch we'll see you next tuesday you