are these agreements necessary and required in Maryland and or Baltimore?
No , not at all . Somebody just wants to lock you in
Yes a real estate agent needs a written agreement to represent you. Without one, then they will technically represent the seller/landlord in a subagency capacity and are required to work in the best interests of the seller/landlord.
what would be the pros and cons of signing? The realtor said as of 10/16 a law went into effect noting he would have to represent the best interests of the seller if he customers do not sign. He said he only works with customers who sign this agreement. Husband only lasts 3 and after you decide To terminate the relationship
I would suggest asking the agent on how familiar he is with the area you would like to buy in. I was locked into a agent previously and the downside was the agent was pretty much useless except for the offers we told him to put in. He was unfamiliar with what the rents would go for in the area and what to look for when buying a new property. He was also pretty new so I couldn't fault him on his mistakes. In the end it was my fault for not reading more into the contract I signed with him and not doing any due diligence on how long he's been an agent.
Why would an agent spent his/her time without signing an agreement?
I really don't understand this expectation.
If you are not signing it which means you are not trusting his/her knowledge, expertise and experience, then why would you spend your time with him/her anyway.
Find somebody who can help you, who can be on your side, make sure they know what they are talking about, then sign it.
You can easily cancel it, also no decent agent would work with somebody who doesn't want to work with him/her.
That would create an exclusive relationship with you and your agent. Your agent is then guaranteed their 3% if you close on a property. That % can typically be negotiated to be covered on the sellers' side, depending on how the deal is structured. Keep in mind that an agent does not make any money unless a deal is closed. So, if you want a truly dedicated agent, that is the way to go! However, you'll also want to be sure the agent is who you will want to work with to purchase your deal. Ask lots of questions and make sure the agent will be able to provide you with extensive market analyses! I was not so fortunate when I bought my first property. Lesson learned!
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