I'm A Buyer's Agent and a Whole Lot More in Palm Beach County

I’m a Buyer’s Agent and a Whole Lot More in Palm Beach County

For some of you that may be unfamiliar with the term it is the practice of real estate broker and their agents representing a buyer in a real estate transaction rather than, by default, representing the seller either directly or as a sub-agent. Sounds confusing but really it is not. I like to think of it someone that has your back, or someone looking out for your best interest, not the interest of just making the sale.

A brief history of the term goes something like this: In most U.S. states and Canadian provinces, until the 1990s, buyers who worked with an agent of a real estate broker in finding a house were customers of the brokerage, since, by most common law of most states at the time, the broker represented only sellers. It is only since the early 1990s that states passed statue law to create buyers' agency.

Buyer agency can exist exclusively (where a brokerage firm chooses to only represent buyers and never sellers, as an exclusive buyer agent) or, in a full service company, by offering buyer agency to buyers who become clients. Buyers would have to agree to some form of dual agency in the event that they wished to buy a home which that company has listed for sale and for which it represents the seller.

Today, if the buyer is working with a broker other than the brokerage listing the property, he or she may choose to enter into a buyer-brokerage agreement to be represented. (In some cases where dual agency is permitted by law, even the listing broker may represent the buyer).

Bottom line this is our simple duty to you the buyer:

• Loyalty to the buyer by acting in the buyer's best interest.
• Confidentiality by not disclosing facts that could influence the buyers ability to negotiate the best terms.
• Disclosure to other parties in the transaction that the licensee has been engaged as a buyer's agent.

The broker negotiates price and terms on behalf of the buyers and prepares standard real estate purchase contract by filling in the blanks in the contract form. The buyer's agent acts as a fiduciary for the buyer.

If you are in the market and looking to purchase, you owe it to yourself to get the very best representation on your behalf.