Updated December 27, 2022
A Georgia buyer agency agreement is signed by an agent and a prospective buyer to relay the terms and conditions of agency representation. The agent’s duties will be stated in the agreement along with the compensation they’re expected to receive. While payment terms may vary, the agent is typically granted a sales commission from the total purchase price of the property in question. The agent will be able to represent the buyer for a limited term (usually four months to a year) during which they will have the exclusive right to seek and close real estate transactions for their client.
Disclosures
Agency Disclosure (§ 520-1-.06(4)(b)) – Licensed agents operating in Georgia are legally required to inform buyers of the professional relationship established upon entering into an agency agreement. This information must be disclosed to the buyer no later than the first opportunity to purchase a property.