What does BRA mean in UNCLASSIFIED

Having a BRA provides clarity for both parties as to what specific duties are expected during the home-buying process, ensuring that there's no confusion about roles, responsibilities and expectations. It also helps protect buyers by outlining how financial compensation will be handled and providing them with additional contractual rights should something go wrong in the transaction.

Most BRAs last for one year after signing, though they can be made to expire earlier or later depending on the needs of both parties.

Yes, buyers typically need to pay their agent or broker an up-front fee for services rendered under the terms of the agreement. This fee typically covers all services included in the agreement and may include things like showing appointments, contract preparation and negotiation assistance.

Any costs associated with repairs on properties found through a BRA are typically borne by either party depending on what's outlined in their agreement. Generally speaking, buyers are responsible for most repair costs when buying an existing home; however, if stipulated in the BRA, sellers may agree to pay for certain repairs prior to closing.

While having a BRA can make it easier to find your ideal home given its protections and provisions around compensation, it cannot guarantee you'll find your perfect property within its duration since many unforeseen variables such as inventory or market conditions could prevent this outcome.