WHAT IS BUYER REPRESENTATION?
Buyer Representation means that you, the buyer, have a licensed real estate agent working for you on the purchase of your new home. The best part is that in most cases the seller will pay the fee; therefore, there is no additional cost to the homebuyer.
There are basically two types of real estate agents:
1) A Traditional agent – Traditional agents work for the seller.
2) A Buyers’ agent – A Buyer’s agent works solely for the buyer.
These relationships are governed by “The Laws of Agency”. An Agency relationship is established whenever two persons agree that one is to act on behalf of the other and in accordance with the other’s directions. When a client retains an attorney, an Agency relationship is established in the same manner as when a seller lists a home with a real estate agent, or when a buyer asks a real estate agent to be their representative. Establishment of an Agency relationship carries with it several important duties that the person doing the representing owes to the person being represented. These important duties are: loyalty, confidentiality, obedience, disclosure, reasonable care and diligence, and accountability. The importance of all this to the buyer is that traditional agents owe these duties to the seller, while a buyer’s agent owes these duties to you, the buyer.
