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Buyer Representation Provided By A Real Estate Professional
When you're ready to buy a home you want to feel secure in the hands of the real estate agent you're working with. You want youragent to clearly understand what your needs are.Finding the right real estate buyer's agent to work with is an important part of the buying process.
When buyers first start searching for a home they will often call the listing agent of the first property that interests them. If you choose to do this, you are speaking with an agent who is representing the seller's interests, not yours. Confused about what a Real Estate Buyer's agent is? A Real Estate Buyer's agent is an agent who is working exclusively for you, the buyer.
Most Real Estate agents work for sellers. In the state of Texas, when you first begin to work with a real estate agent, the agent is required to present you with an Information About Brokerage Services form. This form explains the different relationships buyers and sellers can have with a real estate agent. You sign the form to confirm that if you should decide to make an offer to purchase on a home you see with the agent who is also signing the form that that agent will be working for you as a buyer's agent. This form is meant to protect you, to give you representation while you explore properties with an agent. It is not meant to bind you to an agent until the end of time.
The form simply states that, "A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer."
Lastly, the biggest misconception about the real estate agent that is working with the buyer is that the buyer is responsible for paying his/her agent’s commission. This cannot be further from the truth. The agent working on the buyer’s behalf, “Buyer’s Representative,” is paid commission from the proceeds of the sale. The Old Latin phrase, “Caveat Emptor” or “Buyer Beware” applies here. It is best practice to purchase real estate with a real estate professional that has your best interest in mind.
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