Buyer Representation Agreement

Residential Buyer/Tenant Representation Agreement (TXR 1501)

The Texas Realtors Buyer Representation Agreement serves as a legally binding contract between a real estate agent (the buyer’s agent) and their client (the buyer). Its purpose is to outline the terms and conditions of the relationship between the buyer and the agent, specifying the duties, responsibilities, and obligations of both parties throughout the home buying process.

Key purposes of the Buyer Representation Agreement include:

  1. Establishing Agency Relationship: The agreement establishes the agency relationship between the buyer and the agent, defining the agent’s role as a representative of the buyer’s interests in real estate transactions.

  2. Setting Expectations: It outlines the specific services the agent will provide to the buyer, including property search, negotiation assistance, and guidance through the closing process.

  3. Duration of Representation: The agreement specifies the duration of the agent’s representation, typically indicating a specific time frame during which the agent will exclusively represent the buyer in real estate transactions.

  4. Compensation: The agreement addresses the compensation structure for the agent’s services, including any commission arrangements and how they will be paid.

  5. Confidentiality: It establishes confidentiality obligations, requiring the agent to keep sensitive information provided by the buyer confidential.

  6. Termination Procedures: The agreement outlines the procedures for terminating the agency relationship, including any notice requirements or conditions for termination.

Overall, the Buyer Representation Agreement serves to protect both the buyer and the agent by clearly defining their respective rights, responsibilities, and expectations throughout the home buying process. It provides a framework for a successful and mutually beneficial working relationship between the parties involved.