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How do buyer-broker contracts work?

When you are looking for a new home or a new-to-you home in Ohio, you have many options about how to find the best house or residence for your situation. Some of your choices may be determined by what you want. Perhaps you live in one part of the state and are looking for a property in another area as an investment or a second residence. This could change how you shop for a home compared to situations in which you are looking for your own primary residence in the region in which you currently live.

One thing that some people find helpful is to engage a broker to work on their behalf to find that right property for them. Realtor.com indicates that in these situations, the creation of buyer-broker contracts may be necessary. There are different types of contracts that can be used for these relationships that outline the length of an agreement, any compensation earned by a broker and the exclusivity or not of the relationship.

Agreements can allow buyers to engage multiple brokers or restrict them to only one broker. Brokers may work for no compensation, for a commission to be paid if the broker finds the buyer's home or for a commission even if the buyer finds a home via means other than the broker's efforts or recommendations.

This information is not intended to provide legal advice but is instead meant to give Ohio residents an overview of the different types of buyer-broker contracts used in real estate purchases.

 

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