What Is a Non Exclusive Buyer Representation Agreement
If you are in the market to buy a property, it is important to understand the legal agreements that you may need to sign. One such agreement is the Non-Exclusive Buyer Representation Agreement (NEBRA). This type of agreement outlines the terms and conditions under which a real estate broker will represent you in a home purchase.
Under a NEBRA, a real estate broker represents your interests as a buyer in the property market. This means that they will help you find suitable properties, negotiate the terms of the sale, and communicate with the seller`s agent on your behalf. The agreement also sets out the commission that the real estate broker will receive for their services.
It is important to note that a NEBRA is a non-exclusive agreement, which means that the buyer is not limited to working with only one broker. If the buyer finds a property through their own research or another broker’s assistance, they are free to proceed with that property purchase without any obligation to pay commission to the broker who signed the NEBRA with them.
However, if a buyer does use the services of a broker who entered into a NEBRA with them, the broker is entitled to commission on the property sale. The commission payment is agreed upon in advance, and is typically a percentage of the final sale price of the property.
When entering into a NEBRA, it is important to read and understand all the terms and conditions. Be sure to verify the commission amount payable to the broker and the length of time the agreement is valid for. You should also ask about any additional fees that may be charged by the broker, such as administrative or marketing expenses.
Ultimately, a NEBRA provides buyers with the assurance that they have a professional real estate broker on their side during the property buying process. With this agreement in place, buyers can be confident that they are getting the best possible representation and assistance in finding their perfect home.