What is a Buyer's Agency?
A real estate buyer's agency represents the buyer who is purchasing property in a real estate transaction. When a buyer's representative is used, the prospective buyer is apt to find a home sooner and to have examined more properties than consumers who did not use a buyer's representative.
A buyer's agency will:
- Fully-represent the buyer throughout the real estate transaction.
- Evaluate the specific needs of the buyer and locate properties that fit those specifications.
- Assist the buyer in determining the affordable rate at which he or she prequalifies, and show properties in that price range and locale.
- Assist in viewing properties by accompanying the buyer on the showings, or previewing the properties on behalf of the buyer.
- Research the selected properties to identify any problems or complications with that property to help the buyer make an informed decision prior to making an offer to purchase the property.
- Advise the buyer on structuring an appropriate offer to purchase the selected property.
- Present the offer to the seller's agent and the seller on the buyer's behalf.
- Negotiate on behalf of the buyer.
- Assist in securing appropriate financing for the selected property.
- Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.).
The Buyer Representation Agreement
It is important for the buyer to discuss the buyer's agency's compensation in the initial interview. In many cases it is recommended that the buyer and the buyer's representative agree to the terms of compensation prior to viewing properties, and sign a written agreement based on those terms. The agreement should spell out the responsibilities of both parties throughout the real estate process.
In some states, legislation has been enacted to protect the buyer to the point that, absent a written agreement, the buyer's representative represents the buyer throughout the real estate transaction. Consult your REALTOR for complete details when you begin the purchase process.
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