HOW "BUYER AGENCY" IS A BENEFIT TO YOU
When a buyer agency relationship exists between you and I, you are entitled to special responsibilites, services, and benefits including, but not limited to:
Loyalty - the real estate agent must act in the best interest of the buyer
Obedience - must follow the lawful instructions of the buyer
Disclosure - of all material facts such as relationships between the 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 the legal effect(s) of important contract provisions.
Confidentiality - Your agent will not discuss any facts, conversations, or information that needs to be kept confidential but does not include such information that would affect the responsibilty 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; a thorough market analysis report along with the market absorption rate will be provided. Affirmatively discovering material facts and disclosing them to the buyer, investigating the material facts related to the sale. The goal is to help you arrive at a decision about the offering price of a home you select.
With buyer agency, I will represent your best interest in the purchase of your home. This is different from a so-called "sub agency" transaction where the buyer is not technicaly represented by the agent who has shown them a property. In other words, without buyer-agency I am legally not allowed to be your representative and advocate in the purchase.
Being represented by an agent gives you special insight on the property, house, sellers, and the market in general that you would otherwise not be privy to without such a relationship with a REALTOR®.
Buyer Agency is a legal relationship and a written agreement must be completed to explain all the duties and responsibilites.
Agency disclosure forms are included for your review and information. These are required disclosure forms and are NOT a contract.
See Part 4 in the next installment of Dana's Complete Guide to Home Buying
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