Now that you have chosen the right Realtor to assist you in locating your dream home, you may be presented with a Buyer’s Representation Agreement. What is a Buyer’s Representation Agreement? It is a legal document that details services, duties, obligations, and expectations from the Realtor to the homebuyer as well as detailing what is expected from the homebuyer. This document is designed to protect both parties from any potential misunderstandings. In my opinion, a great Realtor will always present their client with a Buyer’s Representation Agreement. A good agent consistently puts the homebuyer’s best interest at the forefront, acting as their advocate.
Let Your Realtor Work For You
1. A Buyer’s Representative Works Exclusively For The Buyer Unless you have this agreement, the Realtor represents the seller, meaning, the real estate agent’s duty is to get the seller the best price and terms. With a formalized Buyer Representation Agreement, the Realtor works exclusively for you, the buyer. From negotiating, providing full disclosure to con?dentiality, your Realtor will facilitate the best deal for you at all times.
2. Using a Buyer Representation Agreement is FREE Not only does the buyer get an experienced Realtor standing by their side, Buyer Representation costs nothing to the buyer. The seller pays the fee; there’s a 50/50 commission split between the buyer’s agent and seller’s agent. Without the agreement, the listing agent gets 100% of the commission, leaving no savings to the buyer as well as no representation. Who says you can’t get something for free? A Buyer Representation is absolutely free.
3. Get the Best Price and Terms As a homebuyer advocate, the Realtor will work hard to get the homebuyer the best deal. Homebuyers often think they will get a better price by dealing directly with the listing agent, but many times in the end, they ?nd out the listing agent was not always working in their best interest. The seller’s agent has a ?duciary (legal) responsibility to the seller. With a Buyer’s Representation, your Realtor will rally for you from search, negotiation to closing.
4. The Comfort of Knowing You Are Being Represented Well Any professional Realtor will represent you well, but with this legal agreement, the buyer’s agent is responsible for full property disclosures: the past history of the home, how long the home has been on the market, how much the current owners originally paid for the home, price reductions, and any other essential information that could in?uence the negotiation. The Buyer’s Representation Agreement assures the buyer he/ she are getting all the facts so they can make smart and informed decisions.
5. Get The Best Home-Buying Experience With a Buyer’s Representation Agreement in place, the Realtor promises complete loyalty, high standards, guidance, and undivided attention to the homebuyer. Who wouldn’t want top-notch service while making one of their most exciting dreams come true? Not only does your Realtor know the market, understand your needs as a homebuyer, but also with Buyer Representation, they can provide you with world-class client service. How Do You Choose the Best Buyer’s Representative? Questions you may want to ask the potential buyer’s agent: How much experience do you have as a buyer’s agent? Do you have extensive knowledge of the community/area I am interested in buying a home? Do you have references? Will you be communicating every step of the home buying process (explaining forms and documents, closing procedure, and other processes)? Will you assist me in choosing a lender?
Now that we have armed you with the power of knowledge, you can feel completely at ease as you embark on one of the most exciting moments of your life.
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