What is the “retainer fee” in the Buyer Brokerage agreement?
The retainer fee will always be zero or left blank. The only exception would be if the buyer is out of State and you will be doing research for them over months, emailing them homes, coordinating their visit here and ultimately buying a home. Even then, it’s rare.
Why does the buyer sign a buyer brokerage agreement?
I like to say to the buyer, “this agreement means the seller is paying my commission, but I still represent your interest.”
How soon do I get it signed? This is a DPOR regulation to be signed upon “substantive conversation about Real Estate”. This is a vague term. If the buyer barely knows you, don’t push papers in front of him to sign. Wait until you are writing a contract or when it feels appropriate.
How does it help you, the agent?
First, it’s required. Second, it locks the buyer into working exclusively with you.
After I get it signed by the buyer, what next?
Go to www.nat22.com and submit it in the Buyer Broker processing sheet. The Principal Broker Paul will sign it and return it to you to give a copy to your buyer.
Do I also submit it with my contract offer?
No. This is only between buyer and National Realty Broker.