Buying a Home

What You Need to Know About Agency

Seller Agency

Under this relationship all real estate brokers and their agents (including the agent who writes and presents the offer form the Buyer), represent the best interests of the Seller.

Duties of the Agent for the Seller Include:

• Promoting the best interest of the Seller
• Obtaining the best price and terms for the seller
• Offering the property and services without regard to race, color, religion, sex, age, marital status, national origin, handicap or familial status
• Treating all parties in the transaction fairly
• Disclosing to the Seller facts which might affect or influence the Seller’s decision
• Disclosing to the Buyer known facts that may affect value

Buyer Agency

Here the real estate agent represents the Buyer and has a duty to represent the Buyer’s best interests.

Duties of the Agent for the Buyer Include:

• Protecting the best interests of the Buyer
• Negotiating the best price and terms for the Buyer
• Offering the property and services without regard to race, color, religion, sex, age, marital status, national origin, handicap or familial status
• Fully disclosing to the Buyer known facts that may affect or influence the Buyer’s decision
• Treating all parties in the transaction fairly

Dual Agency

“Dual Agency” occurs when one company has a relationship with two clients (Seller and Buyer).

Under this relationship the real estate broker represents both the Seller and Buyer. There must be informed consent to this business relationship from both the Seller and the Buyer for the agent to act as the agent for both.

Duties of the Dual Agent Include:

An agreement that the company/broker cannot disclose:

• The price which the Seller is willing to accept
• The price the Buyer is willing to pay
• Personal confidences that may put one party at a disadvantage

Designated Agent Relationship

“Designated Agency” occurs when a company has a Dual Agency Relationship. In a Designated Agency Relationship, the company maintains it Dual Agency Relationship. However, two agents can function as designated agents giving undivided loyalty to their clients – the Listing Agent represents the Seller; the Selling Agent represents the Buyer-Client.

The Buyer Agency Agreement

Here is a copy of the Buyer Agency Agreement I use. By looking over it now, you can let me know if you have any questions and I can address them for you ahead of time.

Click here for the Buyer Agency Agreement

What You Should Know Before Buying a Home

If you are a first time home buyer or it has been a while since you have purchased a home, send for this free CD entitled “What You Should Know Before Buying a Home”. This will review for you the steps involved in the purchase transaction.

Take advantage of this no obligation offer by filling out the email below. Please allow 3 business days for mailing you your free CD. This information will be used for the sole purpose of sending you this item.

Useful Links

Here are some links that are useful for homebuyers:

• Building a Better Credit Report
• Your Credit Scores
• For Your Protection Get A Home Inspection
• Don’t Be a Victim of Loan Fraud
• 100 Questions About Buying A New Home
• Looking for the Best Mortgage – Shop, Compare, Negotiate
• Borrower’s Guide to Home Loans