M Realty is a top name in Vermont Real Estate and offers agency services to both buyers and sellers. Effective August 15 2024 all real estate professionals must have a written buyer agency agreement with any buyer PRIOR to showing property to that buyer. Having a trusted professional working for you by your side through the process of purchasing a home is a way to ensure a smooth closing process and a competitive negotiating edge. When you go directly to the listing agent with an inquiry there is no confidentiality and that agent has a fiduciary responsibility to work on behalf of the seller and their best interests only.
What does this mean for you as a buyer?
Choosing the right agent is more important than ever. M Realty agents operate with full transparency to our clients and what our services will cost them. Although some agents have a certain threshold in which they are willing to work for - the buyer agency fee is always negotiable.
What will buyer agency cost me?
Although a seller is not required to offer a buyer agency commission, many sellers and their agencies may continue to do so. That buyer agency fee offering by the seller's agency can cover the fee due to your buyer's agent at closing. Ask your M Realty agent prior to signing the agency agreement if there is an offer of buyer agency compensation by the seller and selling agency.
Is a separate agreement required for each property?
No, a separate agreement is not required for every property. However, if more comfortable for you, please ask your M Realty agent to write a buyer broker agreement that is property specific and does not bind you to a certain fee for every property. Please note that some agents may not be willing to work for below a certain fee.
Do we have to sign a buyer agency agreement?
To see property with ANY real estate professional a written buyer agency agreement is required. If other agents or agencies are not following this rule please report them to the Vermont Association of Realtors as they are in violation of the National Association of Realtor's rules.
How does the buyer agent get paid?
The buyer agency agreement used by M Realty agents states that the buyer is responsible for paying the buyer agency fee. Technically the fee is due from the buyer to buyer agency at closing. If the seller or selling agency is offering a buyer agency compensation then that fee will cover your amount due to buyer agency at closing.
What if the seller is not offering buyer agency compensation or what if if the amount is insufficient?
If the seller or selling agency is not offering buyer agency compensation your M Realty agent will notify you prior to any showing of that property. Your M Realty agent can write an offer with a concession amount off the offer price to include that fee to be paid out of the gross proceeds of the sale. Alternatively you can pay your buyer agency fee directly to the M Realty agent at closing.
Your trusted M Realty agent will keep you informed every step of the way. Choosing the right agent to work for YOU is essential in a competetive market.