Until a few years ago, the listing agent and the selling agent in Texas represented the Seller. As a result of the agency law passed by the Texas Legislature, a Buyer can now have an agent represent their interests. Another way to look at this is: Sellers have a Listing Agreement with their agent; Buyers now have Buyer Agreements available to them.
Services to the Buyer from their agent will include such things as:
- Advising you about market trends and financing
- Review and analyse markets, neighborhoods and properties
- Assisting you in negotiating the best price and terms
- Guiding you through the inspection process and any additional negotiation
- Representing your interests throughout the transaction
When you first meet with your agent, they will give you a one-page form called Information About Brokerage Services; it is provided by the Texas Real Estate Commission, and it explains the various types of representation. There are separate paragraphs on "when an agent represents the seller" and "when an agent represents the buyer". You are also advised that if you want an agent to represent you and your interests that you should enter into a separate written agreement with that agent. Agents in Texas are required by law to present you with this form. The form is for information purposes only - it is not an agreement of any kind; the actual agreement is called a Buyer Representation Agreement.
Your agent will go over the Buyer Representation Agreement with you and give you examples of the services they can provide with and without a Buyer Agreement. It is perfectly normal for you to feel that while you may feel "OK" with the agent initially, you are not totally comfortable with entering into a long-term agreement for them to represent you. While I feel that you definitely need an agent to be your advocate, you can decide on the type of representation you want. The Buyer Agreement can be for whatever length of time you are comfortable with, and can be extended upon you and the agent's mutual consent. So, you can propose to sign an initial agreement for a day or a weekend then if you feel comfortable after the initial period you can easily extend the agreement for a longer term.
It is important for you as a buyer to have representation. Just pick your agent carefully so that they are a good match with your needs.
Kirby is a real estate broker and Sales Manager for Coldwell Banker United in Austin, Texas. His comprehensive website contains information about the real estate office, the training offered as well as real estate career information.
For buyers and sellers, the website contains a complete Austin home search. There are also FAQ pages for buyers and another for sellers.
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