Before you purchase a home, it`s important to understand the details of the buyer representation agreement (BRA) that you`ll have to sign with your real estate agent. One of the most important aspects of the BRA is its duration, which outlines how long your agreement with your agent will remain in effect and how long they will represent you in the home buying process.
Most BRA durations range from 30 to 120 days, although they can be extended if necessary. The duration of your BRA will largely depend on your specific needs and the speed at which you plan to buy a home. For instance, if you`re actively looking for a home and want to work with an agent exclusively, you may elect to sign a BRA with a shorter duration. On the other hand, if you`re just beginning the home buying process and want to take your time finding the perfect property, you may sign a BRA with a longer duration.
It`s important to note that the BRA duration is separate from the length of time it takes to close on a property. The BRA duration only determines how long you have an exclusive agreement with your agent to help you find a home. Even if your BRA expires, your agent may still be able to help you close on a home if they were the one who showed you the property.
When signing a BRA, it`s important to carefully review the duration clause and make sure you understand the implications of the agreement. If you have any questions or concerns, it`s always a good idea to speak with your real estate agent before signing any paperwork.
In conclusion, the duration of a buyer representation agreement is an important factor to consider when buying a home. Make sure you understand the length of the agreement and choose a duration that fits your needs and timeline. By doing so, you can ensure that you have an exclusive agreement with your agent to help you find your dream home.