Today's Agent Responsibilities

By
Real Estate Agent with Port Washington Properties

The combination of lowered house prices, historic lower interest rates, and overall economic conditions, makes this real estate market ideal for the quality buyer with good credit, and money for a downpayment. The new homeowners incentive, where new homebuyers receive an $8,000 tax credit, makes this a buying opportunity that may not exist for years to come.

If someone plans to live in their new house for more than 7 years, go out and find an affordable home that meets your need, negotiate your best price, and find your dream house NOW!

But, buyers MUST demand that their real estate professional clearly disclose, first by giving them a NYS Disclosure form on the "first substantive meeting," indicating whether the buyer/ agent relationship will be as a Seller's Agent, Broker's Agent, or Buyer's Agent. It MUST be made clear the difference between being a customer or a client, and what each statuses mean and represent. It is the responsibility of the agent to act in the capacity agreed to - - - either representing the buyer or the seller - - - or as a duel agent if disclosed to both buyer and seller. All too often this line is blurred, which is unfair to both the buyer and the seller.

My advice to any buyer is if a real estate professional does NOT present them with the NYS disclosure form right away, BE VERY CAREFUL! These forms were created to protect both buyer and seller, and while they can be confusing at first glance, are very important safety valves. In these times, a real estate professionals primary duty is to "tell what the customer/ client NEEDS to know, NOT just what he wants to hear."

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