Traditionally, Realtors have represented only Sellers in a real estate transaction. (Did you know that?!?) During the 1980’s, states across the country directed that agents must disclose to the Buyers that they legally represent Sellers. Buyers began asking, “Who represents me?” The result was the birth of a new service within the real estate industry called Buyer Agency.
Think of it this way, the seller has a written contract protecting him in the sale of his home- it’s part of his listing agreement. The listing agent for a property is legally bound to protect the interests, rights, motivation, and equity stance of their clients. As a buyer, you need and deserve the same protection. Show loyalty your agent by committing to the process by working with a dedicated Buyer’s Agent. As an official and registered client, your Buyer’s Agent takes on legal responsibilities to you. In short they include:
- Maintaining the buyer’s confidentiality as to motives and price
- Promising to never enter into a conflict of interest
- Disclose all adverse facts to which the agent has actual knowledge
- Provide services in honesty and good faith
- Obey all lawful instructions
- Schedule all requested showings
- Negotiate all offers and counter-offers
- Answer all questions within the scope the agent’s expertise
- Advise as to procedures and steps needed to advance to a successful closing
The buying process can be complex and tricky. This can be particularly true for first time home buyers and for those relocating to a new area. Remember, you are not alone. Thousands of people just like you buy homes across America everyday. Having solid real estate representation is the best way to ensure that you have all the information you need to move ahead with what will be your largest investment.