When it comes to Real Estate Transactions in Massachusetts, there are listing agents (working on behalf of the seller) and Buyers Agents, (working on behalf of the buyer). When buying real estate, if you are working with a Realtor you are a customer until a contract is signed. Once a contract is signed, you are now a client.
There are many advantages in being a client over a customer. As a Client, I have a Fiduciary responsibility to you. This is my legal / ethical relationship of trust with you. I put a lot of hard work and time researching for my clients and in order to minimize the risk of doing it all for nothing, I typically require this agreement to be signed.
As mentioned previously, my services are done at no cost to you. As a buyers agent, I make a small percentage on the Commission fee's from the seller.
The Exclusive Buyer Agency agreement is simply an agreement that you are going to "hire" me to be your realtor and not use anyone else. This guarantees that I won't put in a large amount of work, only for you to use another realtor. Even if we don't find a house or you decide not to move, it still costs you nothing. Because of this, this agreement is almost a standard practice for realtors and is a reason why the Greater Boston Association of Realtors made this form.
If you have any questions about this form, please feel free to contact me.