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BUYERS AGENT  Hopefully, you have scrutinized a few Realtors and have decided on one who you feel can best represent your interests in locating, showing, advising and educating you in the purchase of your next home. It is also imperative that you feel a good rapport with this sales representative because further down the association you may have to rely and trust their judgment and guidance. Only if you are satisfied with all of that criteria with this Realtor, should you enter into a Buyer's Agency Agreement at the earliest opportunity. Again, you are signing with a Company who is the Agent but it is the individual you will have come to trust and have faith who is the one who will be having the personal contact with you throughout the process. Who they are is paramount to the success of your mission. Because of the written agreement, both the Company and the individual have specific fiduciary obligations to you that must be followed irrespective of their own interests. Stay with this individual only if you are confident they are doing all they can do to follow your instructions and locate the property you are seeking. Otherwise, it behooves you to make a change because you may be missing out on exactly what you want by staying with a dud. Oh yes, they are prevalent in this industry also. As with the Seller, you must have a good rapport with your Agent because when you are in the throws of submitting an Offer on a property, you want to know you are getting the most professional and competent advise possible. SellersAgent101 DualAgent101 SubAgent101 ImpliedAgency101 UndisclosedAgency FYI The following description of Buyers Agency is taken directly from the OREA Encylopedia Buyer Agency A real estate brokerage representing the interests of the buyer. Buyer agency can be established by implication, as well as a written agreement/contract. Buyers seeking exclusive representation usually do so through an agency agreement. This relationship is the counterpart of seller agency with the same agency principles and practices applying. A representative of the buyer must use professional negotiation skills, seek appropriate properties that meet the buyer’s needs, describe the merits and defects of any selected property, keep information confidential concerning the buyer, and generally act in the buyer’s best interests. The hallmarks of this relationship are good faith, full disclosure, competence, obedience, and accounting. The buyer and the brokerage will enter into a signed buyer agency agreement that details their relationship. The exact title of the buyer agency agreement will vary by provincial jurisdiction, e.g., Buyer Agency Agreement and Exclusive Buyer’s Brokerage Contract. The seller usually pays all commission to the listing brokerage who, in turn, forwards the appropriate portion to the buyer’s brokerage. Alternatively, the buyer’s brokerage can be paid directly by the buyer and, therefore, this amount does not form part of the sale proceeds. In most transactions, the commission to the buyer’s brokerage is paid via the listing brokerage from the proceeds of the sale. Payment procedures for the payment of commission will vary by provincial jurisdiction. Who knew? Back To www.realestate1o1.com |