The “Commercial” Buyer Broker Agreement
More commonly practiced in Residential Real Estate than Commercial Real Estate, the notorious “Buyer Broker Agreement” may be worth bringing into everyday play for the Commercial world.
The State Law in Nevada allows an agent to enter into a buyer representation agreement via orally or written. This is the law! That’s all fine and dandy until 1 or more minor or extravagant details are overlooked and that oral/verbal agreement becomes questionable. This game of “he said-she said” can become quite an issue, if not a catalog! Buyer representation disputes can be nasty. Pretty soon, everyone and their brother want a piece of the pie, and if you’re not careful with this, you can end up landing yourself in front of a judge! So… How do we prevent this?? Do as the residential agents do…
The Reno Sparks Association of Realtors recommends that Commercial agents utulize the “buyer Broker Agreement”. This adds additional protection for all parties involved in the deal. As a “Realtor”, which is different than holding the title, “Real Estate Agent”, we are held to a higher code of ethics.
All you Commercial Real Estate Agents out there that happen to be Realtor’s as well, Check out Article 9 in your Realtor Code of Ethics, and decide if it is time for you and your fellow brokers & agents to bring the ”Buyer Broker Agreement” into effect!
Tags: Article 9, Buyer Broker Agreement, commercial real estate, Reno Nv, Reno Sparks Association of Realtors
Dickson Commercial
May 20th, 2009 at 8:34 am
Can you please explain to us who are unfamiliar with Article 9 in the Realtor Code of Ethics, what exactly it entails? Specifically, how does this differ from the current way Commercial Real Estate Agents handle buyer representation. Also, since I am aguy I am somewhat offended by your comment “everyone and their brother want a piece of the pie”. To be politically correct it would be fair to also state that, “everyone and their sister want a piece of the pie.”