You have Questions – Here are some Answers
Agency Law – Who Represents Whom?
You may enter into a written agreement with an Agent to have him or her act on your behalf. This is called Buyer Agency or buyer representation.
Under a buyer agency agreement, I have a legal duty to divulge to all parties that I am working for you under a “buyer agency” agreement. Under such an agreement, your interests will be represented.
A buyers agents’ fees are paid from the sellers’ funds at closing.
What this means to you is YOU DO NOT PAY ME!
Buyer – As your buyers’ agent I will:
- Meet with you to determine what you like and how much you can spend.
- Help you choose a lender if you do not have one.
- Help you look for your home!
- I will and will contact “For Sale By Owners” and builders on your behalf.
- Schedule showings for you to look at houses.
- Disclose all known facts that could affect the transaction.
- Assist you in making an offer and writing a Purchase Agreement.
- Schedule appointments to provide access to the property for inspectors, appraisers, repairs etc.
- Manage the closing process, from contract to closing; ensuring all necessary documentation is completed and available in a timely manner.
- Accompany you to closing.
*The agent of the Sellers’ is required to pass on to the seller anything they learn about your position, for example, your willingness to pay more for the property than your offer suggests. It is therefore important that you realize that you should be careful what you divulge to any agent who is not representing you.