Buyers Agency
Recently buyers have become aware that there can be great benefit to them in having a real estate agent represent them in a transaction.
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My Buyer Services Guarantee
Working with Agents
Dual and Designated Agency
When a buyer agency relationship exists between you and me, you are entitled to special fiduciary client level services.
Duties of Buyer Agency:
- Loyalty - the real estate agent must act in the best interest of the buyer
- Disclosure - of all material facts such as relationships between agent and other parties, existence of other offers, status of earnest money, seller's financial condition, property's true worth, commission split with other brokers, and legal effect of important contract provisions.
- Confidentiality - any discussions, facts, or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties.
- Accounting in dealings - reporting of where any money placed in the hands of the broker is kept.
- Reasonable Skill and Care - arriving at a reasonable purchase price and advising buyer of such, affirmatively discovering material facts and disclosing them to the buyer, investigating the material facts related to the sale.
With buyer agency, your interests will be represented in the purchase of your home. This is different from a typical sub-agency transaction where the buyer is not technically represented.
Agency is a legal relationship and a written agreement should be completed to explain all the duties and responsibilities.
Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer’s agent, they may not give any confidential information about you to sellers or their agents without your permission. But until you make this agreement with your buyer’s agent, you should avoid telling the agent anything you would not want a seller to know.
Unwritten Agreements: To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer’s agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent will be unable to represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm, the agent who first showed you the property may seek compensation from the other firm
Be sure to read and understand any agency agreement before you sign it.
Services and Compensation: Whether you have a written or unwritten agreement, a buyer’s agent will perform a number of services for you. These may include helping you find a suitable property, arrange financing, learn more about the property and otherwise promote your best interest. If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller.
A buyer’s agent can be compensated in different ways. For example, you pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever, the case, be sure your compensation arrangement with you buyer’s agent is spelled out in a buyers agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.
