Agency
In Georgia, a broker may represent a buyer without a written buyer representation agreement, but the relationship should be disclosed:
AOnly if the buyer asks
BAt or before the first substantial contact under BRRETA✓ Correct
CAt closing
DOnly when negotiating an offer
Explanation
While a written buyer representation agreement is best practice, Georgia's BRRETA requires disclosure of the brokerage relationship (including buyer representation) at or before the first substantial contact.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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