Key Aspects of Buyer Agency:
Representation:
The buyer's agent works solely for the buyer, providing fiduciary duties like loyalty, confidentiality, and obedience.
Negotiation:
They negotiate on the buyer's behalf, aiming to secure the best possible price and terms for the property.
Due Diligence:
Buyer's agents assist with due diligence, including property inspections, appraisals, and reviewing disclosures, to ensure the buyer is making an informed decision.
Guidance and Support:
They provide expert advice and support throughout the entire home-buying process, from initial search to closing.
Buyers Agency Agreement:
A buyer's agent is typically engaged through a formal agreement outlining the terms of representation, including the agent's duties and the buyer's responsibilities.
Compensation:
While the buyer's agent is often paid by the seller, it's important to understand how the commission is structured and that the buyer is ultimately responsible for the agent's compensation.
Confidentiality:
Buyer's agents are obligated to keep confidential any information shared by the buyer that a reasonable person would want to be kept private.
