most of us, buying a home is the biggest single investment we’re likely
to make – and we’re only likely to do it maybe once or twice in a
lifetime. The process is, by nature, filled with checks and balances –
and many complex details. Traditionally, agents were legally obligated
to protect the interests of the home seller. Today preferences are
changing. Home buyers are choosing to have their own real estate agent,
known as a buyer's agent, to legally represent them. A huge bonus to the home buyer is that the commission for their buyer's agent is paid by the seller.
buyer’s agent represents you, the buyer, not the seller, and has full
fiduciary duties, including loyalty to you. By definition, the buyer’s
agent has your best interests in mind throughout the transaction.
Loyalty The real estate agent must act in the best interest of the buyer.
All material facts such as relationships between agent and other
parties, existence of other offers, status of earnest money, seller’s
financial condition, property’s true worth, commission split with other
brokers, and legal effect of important contract provisions.
Any discussions, facts, or information that should not be revealed to
others but does not include responsibility of fairness and honesty in
dealings with all parties.
Reasonable Skill and Care
Arriving at a reasonable purchase price and advising the buyer of such,
affirmatively discovering material facts and disclosing them to the
buyer, investigating the material facts related to the sale. With a
buyer agency, the interests of the home buyer will be represented in the
purchase of the home. This scenario is different from a typical
transaction where the buyer is not technically represented.