I’m Alixander, local real estate agent.
And here, at SLC Real Estate Agency, we help you with your contracts.
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Real Estate Agreements, or Contracts
Let’s get into it.
So you want to get into real estate as a buyer or a seller. As in, you want to sell your house, you want to buy a property.
What kind of Agreements are going to be making rolling forward?
Well, there are three things that we’re going to really talk about. The first is let’s say you want to sell your property.
Exclusive Right to Sell Listing Agreement
Congratulations. It’s a big day for you. You decided to list your property for sale. When you go with an agent, any agent of you choose…
(and hopefully you’ll choose the SLC real estate agency because we help you see outside the box about all this)
…but when you choose an agent, what you’re ultimately doing is saying this person is going to act in my fiduciary, as my fiduciary, with fiduciary duties check out that video too, and they are going to take my property int its condition and they’re going to market it.
I need to give them responsibility. I need to give them written permission to do that.What a seller thinks when they go to sell their home using an agent
So the first agreement that you make with an agent when you’re selling your property is what’s called an exclusive listing agreement.
Essentially it says this agency here has the exclusive right to market my property for sale and to find a buyer. It also says a few other things as well. But at the end of the day it is written permission.
A simpler way of looking at agreements with agents
Okay, it’s like getting a slip from your parents and it says little Jimmy doesn’t need to go to gym.
Or, little Susan doesn’t need to go on this field trip or…
you know, so many other things.
Written permission is a big deal
So written permission…
It is a big deal. it’s a big deal, right? Because at the end of the day that’s how we all get paid around here.
So we take it very seriously, and we have fun with it too.
Because that’s important.
Exclusive Buyer Broker Agreement
The next agreement that there is is… Let’s say you want to go buy a property.
Well, when you go to buy a property you…
you don’t need an agent to buy or sell your property. You don’t. And, to be quite honest, some of these videos will show you how to sell and buy property all by yourself.
We want to be helping those people who want our help.
…so when you go to buy a property, and you ask for an agent to represent you and your purchase, and they are going to have fiduciary duties to you in the market space.
…they need written permission and that written permission is in the form of what’s called The Exclusive Buyer Broker Agreement.
This agreement really just says this dude or this gal, this brokerage, has the exclusive right to find properties for you, given the areas that you’ve given us permission to.
They’re really simple stuff, just written permission.
Yes, there are commission’s involved but we’re not running a charity around here. We’re providing a luxury service that can make you loads of money. So we take we take your decision to use us very seriously.
Real Estate Purchase Contract
The last agreement that we’re going to talk about here is the Real Estate Purchase Contract.
This contract is the agreement between buyer and seller, to transition or to transact money between property owner to money owner.
Adding it all up
So what you see is…
Agency agreements for buyer and seller.
And then there is a purchase contract between buyer and seller.
And in doing that (making those agreements), we can make a pretty complicated thing really smooth.
So yeah. Those are the three really big agreements the three big contracts:
- the exclusive listing agreement
- the exclusive buyer broker agreement
- the real estate purchase contract
It’s what connects the agents to their clients, and the buyer and the seller to each other.
So, yeah, that’s that.
Want to learn more?
So we’ll go in the other videos in the future about those and you’ll be able to find the links down below about what those mean in detail
And will really dive in, and I mean really dive into those.
So please, you know, enjoy this video as like a quick summation of what kind of agreements are involved.
There aren’t very many, but they are negotiated all the way down.
So thank you very much for your time. I appreciate you becoming more educated about what kind of agreement to make in the real estate marketplace.
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So thank you very much.
I’m Alixander, with the SLC real estate agency, and I hope you have a wonderful day.