In 1992, Buyer Agency was created. Prior to 1992, Buyers of real estate had no legal representation. As part of this new type of agency, a Buyer is entitled to:
◊ Reasonable skill and care
As your personal Buyer’s agent, I will represent you and your interests in the purchase of your new home.
I will act in your best interest.
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
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.