When it comes to buying a property in Maryland, there are several legal documents that buyers need to carefully review and sign before they can make a purchase. One such document is the Buyer Representation Agreement (BRA), which is a contract between a real estate buyer and their agent.
This agreement outlines the terms of the relationship between the buyer and their agent, including the agent`s duties and responsibilities, the length of the agreement, and the compensation the agent will receive. However, not all clauses are required in a Maryland Buyer Representation Agreement.
Here are some of the clauses that are generally included in a Buyer Representation Agreement, but are not required in the state of Maryland:
1. Exclusive Representation: In many states, the BRA includes an exclusivity clause that requires the buyer to work solely with the agent named in the agreement. However, in Maryland, this clause is not required, and buyers are free to work with multiple agents at the same time.
2. Commission Split: The BRA typically includes a provision that outlines how the agent`s commission will be split between the buyer`s agent and the listing agent. However, in Maryland, there is no requirement for this provision to be included in the agreement.
3. Duration of the Agreement: While the BRA typically specifies the length of the agreement, Maryland law does not require this provision to be included. This means that agents and buyers are free to negotiate the duration of the agreement as they see fit.
4. Termination Clause: Many Buyer Representation Agreements include a clause that allows either party to terminate the agreement under certain circumstances. However, this clause is not required under Maryland law, and the parties are free to negotiate the terms of termination as they see fit.
In summary, while the Buyer Representation Agreement is an important legal document that protects the interests of both the buyer and the agent, not all clauses are required in the state of Maryland. As a buyer, it is important to review the agreement carefully and ensure that it meets your needs and preferences.