A real estate Buyer's Agent represents the consumer who is purchasing the property in the real estate transaction.
Their duties are the same as a realtor’s but, a buyer’s agent is not necessarily a
member of the National Association of Realtors. This agent owes full fiduciary
responsibilities, duties, and loyalty to the real estate buyer.
The buyer's agent works for the buyer client and has the clients best interests in
mind throughout the entire real estate transaction process.
The agent is sometimes compensated by the buyer through a negotiated fee.
In some states the commission is paid by the seller or split between the buyer's
and seller's agents based on the selling price of the real estate property.
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It is important for the consumer to discuss the buyer agent's compensation in the
initial interview. In many cases it is recommended that the consumer and buyer agent
agree to the terms of compensation prior to viewing real estate properties and sign a
written agreement based on these terms. This agreement should spell out the
responsibilities of both parties throughout the real estate transaction.
NOTE: In some states, legislation has been enacted to protect
the buyer to the point that absent a written agreement, the agent represents the
buyer throughout the real estate transaction.
The Benefits of Using a Buyers Agent
Using a Buyers Representative offers the consumer many benefits. These benefits include:
- Assisting buyers in setting the amount that they can afford (pre-qualification) and visiting properties in that price range and area the consumer has outlined.
- Considering the specific needs and desires of the buyer, and locating properties that fit them.
- Visiting properties and either accompanying the client on the showings, or previewing the properties on behalf of the client to insure that the identified needs are met.
- Researching the selected properties to identify any concerns to help the buyer in making an informed decision before making an offer on the property.
- Helping the client on structuring a suitable offer to purchase the selected property.
- Presenting the offer to the seller’s real estate agent and seller.
- Negotiating on behalf of the buyer client to help obtain the desired property. The buyer agent will be representing their client's best interests.
- Explaining all legal documents (paperwork) to their buyer client.
- Recommending and assisting in securing firms and individuals in financing for the selected property.
- Presenting a menu of potential qualified service vendors, such as: movers, attorneys, carpenters if these services are needed by the consumer.
- Above All, the buyer would know that they have been completely represented and advised throughout the real estate transaction.
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