Got A Buyers Agent?
Buying Real Estate Is a Big Step! Choose Well!
Many homebuyers believe that a buyers agent is the real estate agent who is showing them homes for sale. Without certain disclosures, this definitely is not the case!
The real estate agent represents the seller in any transaction for the sale of a home unless specifically disclosed otherwise (usually in writing). It is the real estate agent's fiduciary duty (where their loyalty lies) to protect the homeseller's position at all times.
So Who is Protecting the Home Buyer's Interest?
A Buyers Agent, (also referred to as a Buyer Broker, Buyer Agent or
Realtor Buyer Agent
) will have your best interest as a priority and could shave thousands of dollars from a home's purchase price, and various other costs. Usually this agent is paid out of the proceeds of the sale, however, it is also possible that the buyer pay a separate fee to the agent.
What should a Homebuyer Expect From a Buyers Agent?A Buyers Agent should provide you : - Loyalty and confidentiality.A Buyers Agent should not disclose confidential information about the homebuyer to the seller or seller's agent.
- All available facts that could influence your decision about making an offer for a home.
- Research materials that help you make a realistic offer.
- Recommendations for additional contract contingencies or conditions should they be needed to protect your interests.
- Track and handle many of the day-to-day needs required to get to closing (such as inspections, help you find a lender, track the progress of the loan, working with the real estate attorney or closing agent).
Make Sure Your Real Estate Agent is Working For You!
A real estate agent who is not the listing agent, is often referred to as the cooperating agent or cooperating broker.
In many states, the cooperating agent who shows a property to a homebuyer is considered to be the buyers agent.
This is not the case in every state!
Some states consider the cooperating agent who shows the property to still be an agent for the homeseller.
In Canada, a Realtor must disclose in writing, who exactly they represent in any real estate deal.
Planning to Buy a Home? Compare REALTORS® First. It's Fast and Free!
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