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What is Buyer Representation?

It is a legal concept designed to protect the consumer. It defines the buyer relationship the consumer can have with the Brokerage and the duties and obligations of the relationship. The relationship is established through the actions of the Realtor or by contract. Once a buyer relationship is established the consumer becomes a client. As a buyer you do have a choice. You can be treated as a customer or a client? Most buyers choose to be a client, it doesn't cost any more. 

Client vs. Customer

Client

 

  • Arrange property showings
  • Assist with financing
  • Provide accurate information
  • Explain forms and agreements
  • Evaluate property
  • Give advice and counsel
  • Keep bargaining and financial position confidential
  • Negotiate best price and terms
  • Point out reasons not to buy
  • Plus a host of other personal services

 


Customer

  • Arrange property Showings
  • Assist with financing
  • Provide accurate Information
  • Explain forms and agreements

Broker, Agents, Salespeople..terminology

Multiple Representation

Often, the same Real Estate Brokerage (ie. Keller Williams) will represent both the buyer and the seller, or two or more buyers.  This relationship is defined as Multiple Representation.  In order to avoid any conflict of interest with regards to full disclosure and confidentiality, your right to maintaining your confidentiality is kept intact, however, your right to full disclosure of financing and motivation of the seller or other parties is waived in these circumstances. Also, your right to be provided with comparable sales information is maintained, however, your right to advise on pricing is waived.

How does a Buyer Representative get paid?

As a general rule, the Buyer's representative is financially compensated through the real estate transaction.  The Listing Broker agrees to pay the Buyer Broker an agreed upon amount as stated in the property MLS listing.  If the property listing is a For Sale by Owner, or the property listing is offering less than the contracted fee in the Buyer Representation Agreement, then the Broker/Sales Person will inform the buyer in advance.  In most cases, the fee can usually be captured  as Buyer credit on closing for their commitment under a Buyer Representation agreement. This way the Realtor® is directly compensated for any deficiencies, by the Buyer, on closing through the Buyers lawyers office, in accordance with the credit negotiated in the agreement.

Representation and Commitment

In order to establish a Realtor-Client relationship, both parties must enter into a legal written agreement called a Buyer Representation Agreement. We like to refer to this as a mutual commitment to work together. Ask Team Jordan about our agreement and our extensive services.


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