Frequently Asked Questions

What is a Buyer’s Agent?

In simple terms, as a Buyer’s Agent, your Realtor® provides services designed to protect you. Certified Buyer Representatives (CBR) have been trained specifically to represent the buyer in real estate transactions. Now all parties in the sale have someone working for them. Buyer representation is changing the face of real estate.

Massachusetts Association of Realtors® Definition of Buyer’s Agency:

When a buyer engages the services of a broker, that buyer becomes the broker’s client. This means the broker represents the buyer. The broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality, and accountability. The broker must put the buyer’s interest first and negotiate for the best price and terms for his/her client, the buyer. (The buyer may also authorize subagents to represent him/her in locating property).

Learn more about what a Buyer’s Agent can do for you.

What is an Exclusive Buyer Agency Agreement?

In simple terms, it is an agreement between the Buyer and Real Estate Broker to work exclusively together. The Buyer agrees to work exclusively with the Realtor®/Broker to locate and purchase real estate during the terms of the Agreement. The Broker/Realtor® agrees to represent the Buyer exclusively through the real estate process. Meaning, the Realtor®/Broker cannot represent the Seller of any property presented to the Buyer. The Realtor® represents the Buyer’s best interest throughout the agreement terms. View Exclusive Buyer Agency Agreement [PDF] provided by Mass Association of Realtors®.

Why would I want to enter into an Exclusive Buyer Agency Agreement?

Basically, both the Buyer and Broker/Realtor® make a commitment to work together throughout the home buying process. You know your Realtor® has committed to working on your behalf throughout the entire process; and your Realtor® knows you are committed to working exclusively with him/her.

As a Buyer Client, you and your Realtor® have mutually agreed upon terms set forth in this agreement. Your Realtor® is bound to confidentiality at all times. The Broker/Realtor® preserves confidential information of the Buyer’s, making disclosure of confidential information solely to the extent necessary to establish Buyer’s financial qualifications. View the Exclusive Buyer Agency Agreement [PDF] provided by MA Association of Realtors®.

Additionally, Buyer Client’s working with a Participating MAHomeBuyer’sAssistance.com Realtor® benefits from the Cash Back program offered to all Buyer Clients.

What is an Offer to Purchase or a Contract to Purchase?

A Contract to Purchase, or Offer to Purchase, is a formal written offer presented by the Buyer to the Seller. This offer specifies the offer price, deposit amounts, purchase date (closing date) and contingencies such as satisfactory home inspection, mortgage contingencies, possible sale of existing home. View a sample Offer to Purchase [PDF].

What is a Purchase and Sale Agreement?

A Purchase and Sale agreement is typically signed 14-21 days after an offer has been accepted and full executed (signed) by all parties (Buyers/Sellers and sometimes Brokers). At this time most, if not all, contingencies set forth in the Offer to Purchase have been met to both parties satisfaction. If there are additional or outstanding contingencies they are stated in this agreement. Also, additional deposit monies are paid at this time. View a sample Purchase and Sale Agreement [PDF].

Do I need a lawyer?

Even the most seemingly simple real estate purchase involves numerous documents which can be complex and to most of us confusing. We recommend you hire a lawyer to review all documents prior to you signing them. The lender will assign a lawyer or Settlement Agent to conduct the closing. This attorney is assigned by the lender, and is working in the interest of the lender. You may decide to hire a different lawyer to represent you through this process.

Do I need a home inspection?

A home inspection is always a good idea. A qualified home inspector should perform a home inspection. This inspection will help you revel the condition (not just cosmetic) of the house. As a buyer, you may make your offer contingent upon the successful inspection of the property. (Inspections are at Buyer’s expense.) This may protect you against any problems or defects that are discovered during the inspection. Learn more about Home inspections.

Realtor® Code of Ethics [PDF]

If you don't find the answer to your question here please email your question to us at mahomebuyersassistance@charter.net.

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