If you`re looking to buy a house, you may be asked to sign a tar buyer representation agreement form. This document is an agreement between you and your real estate agent, outlining the terms of your working relationship.
The TAR, or Texas Association of Realtors, is the organization that has created this agreement form. It`s important to understand what this document means and the obligations you`re agreeing to before you sign it.
The purpose of the TAR buyer representation agreement form is to establish a relationship between you and your real estate agent. It outlines your agent`s duties and responsibilities, as well as your obligations as a buyer.
There are a few key things to look out for when reviewing the TAR buyer representation agreement form:
1. Length of the agreement
The length of the agreement is usually stated at the beginning of the document. Typically, it ranges from 30 to 90 days. Make sure you`re comfortable with the length of the agreement before you sign it.
2. Compensation
Your agent`s compensation is also outlined in the agreement. Usually, the agent receives a commission from the sale of the home. However, it`s important to understand the specifics of how your agent will be compensated.
3. Duties and obligations
The agreement will outline your agent`s duties and obligations, such as finding homes that meet your criteria, providing you with market information, and negotiating the terms of the sale.
You`ll also have obligations as a buyer, such as providing accurate information and cooperating with your agent.
4. Termination clause
Make sure you understand the termination clause of the agreement. This outlines the circumstances under which the agreement can be terminated.
Some agreements may have a “right-to-cancel” clause, which allows you to cancel the agreement without penalty within a certain period of time.
In summary, the TAR buyer representation agreement form is an important document to review and understand before signing. Make sure you`re comfortable with the length of the agreement, your agent`s compensation, duties, and obligations, and the termination clause.
Working with a real estate agent can be a great asset when buying a home, but it`s important to establish a clear and fair working relationship from the beginning.
