A buyer’s agent represents you, the buyer, not the seller, and has full fiduciary duties, including loyalty to you. By definition, the buyer’s agent has your best interests in mind throughout the transaction. The percentage of homebuyers with buyer representation has grown significantly in the past decade. According to a recent National Association of Realtors® survey, nearly half (46%) of home buyers used the services of a buyer’s agent last year, and four out of every five buyer’s agent agreements were in writing.
The benefit of buyer representation is the dedication of a buyer’s agent to the home buyer. The buyer’s agent and homebuyer establish a mutual agreement, known as a buyer agency agreement, that will entitle the homebuyer to, but is not limited to...
LOYALTY. The real estate agent must act in the best interest of the buyer.
DISCLOSURE. All material facts such as relationships between agent and other parties, the existence of other offers, the 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 the responsibility of fairness and honesty in dealings with all parties.
ACCOUNTING. In dealings, reporting where any money is placed in the hands of the broker.
REASONABLE SKILL & CARE. Arriving at a reasonable purchase price and advising the buyer of such, affirmatively discovering material facts and disclosing them to the buyer, while investigating the material facts related to the sale. With a buyer agency, the interests of the homebuyer will be represented in the purchase of the home. This scenario is different from a typical transaction where the buyer is not technically represented.
This content last updated on Monday, June 5, 2023 11:45 AM from Realtracs.
This content last updated on Thursday, January 19, 2023 1:30 PM from RASK.
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