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Buyer Agency

Buyer Agency

Most people don’t realize that the real estate industry is modeled after the legal system in our country. If you were to go to court you would likely secure representation to argue your case and look out for your interest. Real estate agency is similar.

When you buy or sell a home, it is advised that you acquire representation to negotiate the offer, look out for your best interests and help meet your goals. A Buyer’s Agent is there to guide you through the process. Most people only buy a handful of houses in their lives. Real Estate Agents work on dozens of transactions per year. The increasing complexity of real estate transactions have evidenced the importance of good representation.

On most real estate transactions there is a representative for the buyer and one for the seller. It is the responsibility of the selling party to pay agency fees. Therefore, as a buyer, it typically costs you nothing to be represented. The buyer’s agent will only get paid if/when you purchase a home.

At some point a Buyer Agency Contract will be brought up. Do not hesitate to a sign Buyer Agency contract. Early in the evolution of the real estate industry, buyers did not trust agents and did not know to whom the agent’s loyalty belonged. Similarly, the agent usually felt the same about the client. The mistrust and ambiguity about loyalties are now things of the past because of the Buyer Agency Contract. A Buyer Agency Contract clearly defines the relationship between buyer and agent. What loyalties are due to the buyer? What will the agent do to represent and find a house for the buyer? How much and when will the agent get compensated for their efforts? All of these questions are clearly defined and agreed upon upfront. The Buyer Agency Contract builds trust, gives both parties answers to those lingering questions, and allows both parties to focus aggressively on getting the best house at a good price and closing the transaction in a safe and legal manner.

A Buyer’s Agent will help you navigate through a long list of documents, procedures, and processes. Such as:

  • Agency Disclosure Statement
  • Buyer Agency Agreement
  • Good Faith Estimates
  • MLS Property Data Sheets
  • Seller Disclosure Statement
  • Buy and Sell Agreement
  • Agency Addendum
  • Counteroffer Form
  • Inspection Reports
  • Wood Destroying Insects
  • Structural/Mechanical
  • Environmental Tests
  • Well/Water Tests
  • Estimate(s) of Repairs Remediation
  • Survey
  • Mortgage Title Commitment 
  • Surveyor’s Mortgage Report 
  • Loan Commitment
  • Title Commitment (Owners)
  • Closing Statement Insurance Policy / Binder
  • Lead-Based Paint Disclosure
  • Plat/Deed Restrictions
  • Zoning Ordinances
  • HOA Documents
 If you are considering buying a home, condo, land, or an investment property, you don’t need to go it alone! Contact us to help you through a needs analysis, and we’ll scour the market for the best property at the best price!
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