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Understanding Buyer Agency:
Finding the right home at the right price in the right location is a detailed, time-consuming venture. At the same time, it's an emotional period laden with difficult choices. Before you rush out to start looking at homes be aware of the Real Estate term "Buyer Agency" and the impact it can have on you.
Sellers always have agents to represent their best interests, you as a buyer must also do the same and seek out an agent to represent your best interests. During an offer negotiation a seller would love to have the advantage over a buyer who does not have buyer representation.
By asking a realtor to work for you exclusively, you create an "Agency Relationship" and become the realtor's client, you now have "Buyer Agency" protecting you. Not having buyer representation can have dire consequences when purchasing a home. Caveat Emptor "Let The Buyer Beware.
The Legal Obligations Of A Buyer Agent:
With Buyer Agency, the realtor is committed under Real Estate law to do whatever it takes to find the client the ideal home that suits their needs. It takes endless hours of searching the MLS, previewing and providing market analysis of homes, advising the client on what is a good or bad choice and working with other agents.
A Buyer Agent representing a client is obligated not just to find all homes that matches the client needs, but to negotiate the best deal for the client. A buyer agent is legally obligated under law to do the following for the client:
- Loyalty: Total and undivided loyalty to the client
- Confidentially: To never disclose the client's confidential details to any other party to a transaction
- Obedience: To obey the client's lawful instructions
- Accountability: To be accountable to the client for all actions taken by the Buyer Agent
- Reasonable Care: To use expertise, knowledge, negotiating skills for the benefit of the client
- Disclosure: To disclose to the client, both the positive and negative facts about a property
Buyer agency is designed to help protect buyers during the purchase of a home. Don't buy a home without it.
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