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For example, you may want them to represent only you (as a buyers agent). You
may be willing for them to represent both you and the seller at the same time (as a dual agent).
Or you may agree to let them represent only the seller (sellers agent or subagent). Some agents will offer you a choice of these services. Others may not.
Services and Compensation Whether you have a written or unwritten agreement, a buyers agent will perform a number
of services for you. These may include helping you - find a suitable property
- arrange financing
- learn
more about the property
- otherwise promote your best interest
If you have a written
agency agreement , the agent can also help you prepare and submit a written offer to the seller. A buyers agent can be compensated different ways. For example, you can pay the agent out of your own pocket.
Or, the agent seek compensation seller or listing agent first, but require you to pay if the listing agent refuses. Whatever
the case, be sure your compensation arrangement with your buyers agent is spelled out in a buyers agency agreement before
you make an offer to purchase property and that you carefully read and understand the compensation provision.
Seller's agent working with a buyer If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent you
can still work with the firm and its agents. However, they will be acting as a sellers agent (or subagent). The agent can
still help you find and purchase property and provide many of the same services as a buyers
agent. The agent must be fair with you and provide you with any material facts about properties. But remember,
the agent represents the seller --not you-- and therefore must try to obtain for the
seller the best possible price and terms for the sellers property. Furthermore, a sellers
agent is required to give the seller any information about you(even personal, financial, confidential) that would help
the seller in the sale of his or her property. Agents must tell you in writing if
they are the sellers agent before you say anything that can help the seller. But until you
are sure that an agent is not a sellers agent, you should avoid saying anything you do not want a seller to know. Sellers
agents are compensated by the seller.
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Buyers Agent Duties to Buyer If a real estate firm and its agents represent you,
they MUST - promote your best interests
- be loyal to you
- follow your lawful instructions
- provide
you with all material facts
- use reasonable skill, care and diligence.
- account for all monies handled for you
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Once you have agreed (either orally or in writing) for the firm and its agents to be your buyers agents, they may not
give any confidential information about you to sellers or their agents without permission so long as they represent you. But
until you make this agreement with your buyers agent, you should avoid telling the agent anything
you would not want a seller to know.
Dual Agency Information
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