Make the financial obligation understandable

Ask for an example using a hypothetical purchase and the agreement's actual compensation language. Work through who owes what if the seller contributes nothing, contributes part of the amount, or offers an amount different from your agreement. The objective is a dollar obligation you understand, not a reassurance that the arrangement is customary. Keep the representation agreement separate from a lender estimate and from any offer requesting a seller contribution.

Then test the working relationship. Does the scope include the property types and locations you intend to consider? Who will schedule visits, analyze documents, and communicate notices? How is a conflict handled if the same brokerage represents the seller? If the relationship is not working, what written process applies and which obligations survive its end? NAR's guidance supports negotiation of services, duration, and compensation, but it is not a substitute for reviewing the applicable law or your precise contract. Save the final signed version and any amendments so later decisions use the agreed terms.

  • Request a concrete payment example.
  • Read any protection period.
  • Confirm how amendments must be documented.

This answer belongs to Buying a Chicago home: build a decision you can support. Read the guide for the wider transaction context.

Sources and effective dates

Read the original guidance and use the version applicable to your property and transaction. Practical planning suggestions are distinguished from legal or program requirements.