Why Buyer Representation Is Important (Don't Buy A Home Without It!)
Until the late 1980’s,
real estate transactions involved a listing agent representing the seller and a
sub-agent who brought the buyer to the transaction. Both agents owed duties to
the seller, but most buyers believed their agent represented their interests
wholly.
To combat this misunderstanding,
state licensing regulators decided to require written disclosure notices to
inform prospective buyers, sellers, landlords and tenants that their agent may
or may not be their actual representative or advocate.
As a buyer, you are
required to sign a disclosure whether you wish to be represented or not. The buyer’s agent works in the best
interest of the buyer by: helping the buyer find and evaluate properties,
preparing offers, negotiating offers and assisting with the many other facets
of the process. If you, as a buyer, wish to have an agent represent you, you
must enter into a written buyer agency agreement.
As a buyer, you deserve to
have your interests represented. By signing an “exclusive right to represent”
disclosure, you are requiring your agent to provide you with the same rights
given to sellers including confidentiality and loyalty.
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