A real estate buyer's agent represents the consumer who is
purchasing the property in the real estate transaction. 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. 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. It is important to note that 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.
Consult your local REALTOR® for complete details when you first start the search for purchasing any real estate property.
The Benefits of Using a Buyers Agent
Using a Buyers Representative offers the consumer many benefits. These benefits include:
Evaluating the specific needs and wants of the buyer, and locating properties that fit those specifications.
Assisting the buyer in determining the amount that they can afford (pre-qualify) and showing properties in that price range and locale the consumer has determined.
Assisting in viewing properties and either accompanying the client on the showings, or previewing the properties on behalf of the client to insure that the identified specifications are met.
Researching the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.
Advising the client on structuring an appropriate offer to purchase the selected property.
Presenting the offer to the seller’s agent and seller on the client’s behalf.
Negotiating on behalf of the buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with their client's best interests in mind!
Reviewing and explaining all legal documents to their buyer client.
Recommending and assisting in securing appropriate financing for the selected property.
Providing a list of potential qualified vendors, e.g. movers, attorneys, carpenters if these services are needed by the consumer.
Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.