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Compel initials request

[Music] hello everybody this is Ryan welcome to the short video where we're gonna cover the car format BRE California Association of Realtors forum BRE that's the buyers representation agreement exclusive so alright let's get to it basically here's the bottom line it's a contract that hired me as your agent to represent you as the buyer's agent some of the key points lays out the time frame lays out the commission structure and when you would potentially have to pay the Commission broker's obligation property quarantine scope of duties by responsibilities and then mediation and arbitration alright so let's just get straight to the forum all right so here we are with the car forum BRE see right across here buyers representation agreement exclusives let's go and go through this the main purpose of this it's here to protect you it lays out exactly what my obligations aren't lays out what your obligations are also as a buyer and it makes it very clear that this is here to protect you as the person who ultimately knows the least when it comes to purchasing property right so I've gone through the courses I've done studying I've took the exam and earned a license to sell buy and sell real estate alright so unless you've done that I willing to omit well in a betcha that I have more knowledge more information right so the person that knows the most is the one who's the most responsible the one who knows the least isn't responsible alright so let's go and go through number one up here exclusive rights represent so this is where your name would go that in of your significant other spouse anybody else involved in the transaction so San Diego real estate investments that's the name of the agency normally going to date this for six months that's a pretty solid amount of time to find a house ultimately going to leave the property section here empty not going to put any specific properties in we don't want to limit your ability to find property and so and obviously if we're going to work together you're gonna get a copy of this to read through and then ultimately signed so I'm not going to go through the entire thing I'm just gonna hit the main points but you know number to discover you know the agency relationship so this was your bi representation etc some of the more important stuff as we get down here number three compensation to the broker alright so notice the amount of a real amount or rate of a real estate commission is not fixed by law they are set by each broker individually and may be negotiable between buyer and broker so keep that in mind section a here the amount of the compensation right so my compensation is 2.5 percent of the sales price and then ultimately as a client you're going to need to initial the buyers initials down there so those page 1 but now here's where a lot of people get hung up and this this can be confusing I wish they had this on the same page instead of a page break but oh well so Part B right compensation payments and credit alright so the buyer is responsible for payment of compensation provided for for in this agreement alright so the buyer is responsible for the payment now the highlighted part however if anyone other than the buyer compensates the broker for services covered by this agreement that amount shall be credited toward buyer's obligation to pay compensation so what does that mean alright when a commission is paid the escrow services will give the money for the home to the listing agent the listing agent then pays the buyer's agent alright so if that happens alright so if anyone other than the buyer right so this means the listing agent the seller escrow compensates the broker meaning listing the the buyers represented that would be us for services covered in this agreement that amount should be credited towards the buyer's obligation all right so as long as the Commission is being paid from the listing agent to the buyer's agent the amounts covered alright so when when would a situation pop up where this isn't covered right and the answer to that would be off market properties all right if I'm able to go out and find a property to unearth a transaction that's not out there and get you into that house I need to be paid for my time right it's the 2.5% so normally that would go to the seller and say hey mr. mrs. seller are you willing to pay a two point five percent commission normally they are but if they're not simple walk-around just gonna add 2.5 percent to the purchase price it's the exact same thing that happens when you find a house that's on the market the Commission's are already accounted for right the seller already knows what they want a net they're gonna add the Commission's on top of that all right so compensation if anyone other than the buyer compensates the broker for services covered by this agreement that amount should be credited towards the buyer's obligation to pay all right so that's pretty simple pretty straightforward as we come down do have this part right here 180-day hundred eighty calendar day all right this is basically a property quarantine all right so the contract is definitely written to protect you as the buyer to protect you as the consumer to protect you is the person who knows the least when it comes to real estate transactions all right so that being said it protects us because if I go out and spend six months working with you finding homes showing you homes driving you around putting in offers etc and then we get to a house where we you know find it we identify it we you know ready to put an offer and then someone says hey you know what I got it from here and they tried to essentially cut the agent out of the deal all right so that's the protection that I get as your agent out of this contract basically any of the homes that we have gone and seen I'm putting 180 day quarantine on so it basically is gonna prevent you from ultimately cutting me out of the transaction now I don't think that's gonna happen but there are people out there that are less than scrupulous and that has happened to agents in the past so that's why we put the hundred eighty day or six-month quarantine on it so basically that's going to protect our work all right so Part D timing of the compensation right upon completion of the transaction after escrow is closed that's when we get paid it's normally about a week later right so there is no charge for our services there's no upfront retainer you don't have to for the gas to drive you around or any of that stuff the only time we get paid is once we have done our job to completion gotten you through escrow you have the keys in your hand we get paid about a week later all right so the next big deal right here a broker authorizations and obligations right so what this is doing is you're basically authorizing us to do our job I'm going to locate and present selected properties to the buyer and so definitely take the time to read through this in person all right then again we have initials on the bottom of page 2 we get into number 6 scope of the broker duty all right so what this is basically saying and again read through be right here the buyer acknowledges that I'm a real estate agent that's what I do right I will hope you find properties I will compliment I'll help you structure the offer I hope you put together the offer I'll advise you I'll assist you in every way that I can but that's my job right I'm not a home inspector I'm not a plumber I'm not a tax person I'm not an attorney so I'm not gonna give you advice that's outside the scope of my duties which is being your realtor and being your agent all right so that's the scope of duty buyers obligations right here right so buyer agrees to timely view and consider properties right basically time is of the essence right it is a very competitive market here in San Diego you have to you got to be on it and time is of the essence all right so then we come down get an initial share on the bottom of page three last page page for dispute resolution so should there be some sort of dispute between us all it automatically starts with mediation and then ultimately arbitration or litigation what I've done is I have already activated the arbitration clause right here so when you see this for me it's ultimately going to be initialed and I request it you guys altum Utley initial the same so we can go to arbitration in lieu of litigation all right so then at the very bottom all we have here is the buyer information where they're going to ultimately sign and date and then you have the brokerage insanity real-estate investments right here with their Calgary number and then you got my information here as the agent so all right that is a short video going through the car Formby are a binary representation agreement exclusive do you guys have any questions at all please feel free to reach out and let me know whatever questions you have all right make it a great day [Music] [Music]