Final answer:
A buyer representation agreement should be in-writing to ensure clarity and enforceability, although some areas may allow for oral agreements. It is recommended to have it written and executed by both parties to avoid disputes and provide a formal record of the relationship and terms.
Step-by-step explanation:
A buyer representation agreement is a contract that outlines the relationship between a buyer and a real estate agent or broker. In most cases, this type of agreement must be in-writing to ensure that all terms and conditions are clearly defined and legally binding. However, some jurisdictions may accept an oral agreement, but it is generally recommended to have it documented for the sake of clarity and legal enforcement. In a written buyer representation agreement, the specifics such as the duration of the agreement, the services provided, and the obligations of both parties will be detailed. It is critical for the document to be executed by both parties, indicating their acknowledgment and consent to the terms.
For legal protection and to avoid any misunderstandings, having the buyer representation agreement recorded in writing is essential. It serves as a formal record that can be referred to if any disputes arise. The agreement lays the foundation for the professional relationship and ensures that both the buyer and the representative understand their roles and responsibilities.