Purchasing a home is a major investment. If you utilize a real estate agent, it is important to completely understand the roles and responsibilities of that agent with respect to your specific situation.
Real Estate Agents and Brokers provide many services and perform multiple functions. In some transactions, the agent works for the seller. In others, the seller and buyer may each have agents. And sometimes the same agent works for both the seller and the buyer. It’s very important to know whether an agent is working for you as your agent or working with you while acting as an agent of the other party.
Some individuals negotiate their own real estate purchases. Others enlist the services of a real estate agent to act as a Buyer’s Agent. The duties of a Buyer’s Agent are to loyally promote your best interests and provide you with the material facts that could influence your decisions.
They follow your lawful instructions and account for all monies they handle for you. Once you agree that a particular agent will serve as
your BUYER’S AGENT, either orally or in writing, the agent may not
give any confidential information about you to the seller or seller’s
representative without your permission. This confidentiality remains intact for the term of BUYER’S AGENT contract. Until you make an official agreement with your Buyer’s Agent, you should avoid telling
them anything you don’t want the seller to know.
It’s in your best interest to agree in writing as soon as possible. Services and compensation should be included in the agreement. These services may include helping you locate a property, arrange financing, learn more about the property,and help you prepare/submit a written offer to the seller.
The agent can be compensated in different ways. You can agree to pay the agent with your own funds or the agent may seek compensation from the seller or listing agent. The Buyer’s Agent may require you to pay if the listing agent or seller refuses. Make sure that agent compensation is CLEAR in your agreement and that you understand it before signing the agreement! Do not hesitate to ask questions of the agent if you have them! If the agent is not helpful with your questions, or cannot clarify your concerns,you may have the wrong agent for YOU.
You may decide to have the Seller’s Agent work with you during
the transaction. A seller’s agent has a “listing agreement” with the seller and is financially compensated by the seller of the property.
The SELLER’S AGENT has the same basic responsibilities to the seller as the BUYER’S AGENT has to the buyer. These responsibilities include
but are not limited to promoting the best interests of the seller,
loyalty, adherence to lawful instruction of the seller, and
presentation of pertinent material information that would influence
the sell of a property. The agent will help you prepare/submit a
written offer to the seller.
The SELLER’S AGENT’S responsibility is to the seller, a fact a buyer should keep in mind when relaying information to the selling side. A seller’s agent does not represent you. You may permit the listing firm and its agents to represent you and the seller at the same time.
This is a Dual Agent situation. A dual agent must treat the buyer and
seller fairly and equally. Buyers and sellers can prohibit dual
agents from divulging certain confidential information about them to the other party. If you choose the dual agency option, it’s important to remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of what your relationship is with the dual agent and what the agent will be doing for you in the transaction. Make sure you understand how the DUAL AGENT will be compensated.
Until you’re sure an agent is working for you, either as a buyer’s agent or a dual agent, it’s best to avoid saying anything you do not want the seller to know.
Happy house hunting.…because searching for the perfect property can be a fun and exciting experience!
Desiree Hillard,Broker
Nathaniel Duclos,Broker
“The PowerHouse Team”
In the business of Extraordinary Living
Keller Williams
Realty704-496-7532 or
704-999-5016
