What is Buyer Agency?

Posted by Justin Seeby on Thursday, November 20th, 2014 at 1:16pm.

In 1992, Buyer Agency was createdPrior to 1992, Buyers of  real estate had no legal representation. As part of this new type of agency, a Buyer is entitled to:

 Loyalty                                                   

 Ethics

 Disclosure

 Confidentiality

 Accountability

 Reasonable skill and care

 

As your personal Buyer’s agent, I will represent you and your interests in the purchase of your new home. 

 

 Loyalty

I will act in your best interest.

 

 Ethics

I will follow the lawful instructions of my Client.

 

 Disclosure of All Material Facts

Including but not limited to:

· Legal effect of important contract provisions

· Property’s value

· Any facts pertaining to Seller

· Existence of other offers

· Relationships between agent and other parties

· Signs of defects or other problems with homes

 

 Confidentiality

All facts and information discussed will be held in confidence. 

 

 Accountability for Earnest Money

The Buyer will be updated as to where all Earnest Money is placed.

 

 Responsible Skill and Care

Discovering material facts and arriving at the appropriate purchase price of your new home.

 

Who Pays the Commission?

 

The Seller Does.

The commission is a contract between the Seller and the listing agent.  It is agreed upon prior to the home being placed on the market.  Each home will have a different agreement and is non-negotiable by the Buyer.

 

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