Information for Buyers
A real estate buyer's agent
represents the consumer who is purchasing the property in the real
estate transaction. This agent owes full fiduciary responsibilities,
duties, and loyalty to the real estate buyer. The buyer's agent
works for the buyer client and has the clients best interests in
mind throughout the entire real estate transaction process.
The agent is sometimes compensated by the buyer through a negotiated
fee. In some states the commission is paid by the seller or split
between the buyer's and seller's agents based on the selling price
of the real estate property. It is important for the consumer to
discuss the buyer agent's compensation in the initial interview. In
many cases it is recommended that the consumer and buyer agent agree
to the terms of compensation prior to viewing real estate properties
and sign a written agreement based on these terms. This agreement
should spell out the responsibilities of both parties throughout the
real estate transaction. It is important to note that in some
states, legislation has been enacted to protect the buyer to the
point that absent a written agreement the agent represents the buyer
throughout the real estate transaction.
Consult your local REALTORŪ for complete details when you first
start the search for purchasing any real estate property.
The Benefits of Using a Buyers Agent
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Using a Buyers Representative offers the consumer many benefits.
These benefits include:
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Evaluating the specific needs and wants of the buyer, and locating
properties that fit those specifications.
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Assisting the buyer in determining the amount that they can afford
(pre-qualify) and showing properties in that price range and locale
the consumer has determined.
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Assisting in viewing properties and either accompanying the client
on the showings, or previewing the properties on behalf of the
client to insure that the identified specifications are met.
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Researching the selected properties to identify any problems or
issues to help the consumer in making an informed decision prior to
making an appropriate offer on the property.
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Advising the client on structuring an appropriate offer to purchase
the selected property.
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Presenting the offer to the seller’s agent and seller on the
client’s behalf.
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Negotiating on behalf of the buyer client to help obtain the
identified property. Keep in mind that the buyer agent will be doing
so with their client's best interests in mind!
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Reviewing and explaining all legal documents to their buyer client.
Recommending and assisting in securing appropriate financing for the
selected property.
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Providing a list of potential qualified vendors, e.g. movers,
attorneys, carpenters if these services are needed by the consumer.
Most importantly, the buyer would know that they are fully
represented throughout the real estate transaction.
Buyer's Agent
( Specific to Kentucky )
A broker can, at
the Buyer's request, agree to act as an agent for the Buyer
only. In these situations, the agent is not the Seller's agent,
even if by agreement the agent may receive compensation for
services rendered, either in full or in part from the Seller.
If you choose to
be represented by your real estate agent in this prospective
real estate transaction and acknowledge that the agent you are
working with is your agent and not an agent of the Seller, then
you will have a client status.
Dual-Limited
Agent ( Agent Representing Both Buyer and Seller ) Specific to
Kentucky
A real estate
agent can legally be the agent of both the buyer and the seller
in a transaction, but only with the knowledge and consent of
both the seller and the buyer. In a dual-limited agency
situation, the agent has limited fiduciary duties of utmost
care, integrity, honesty and loyalty in dealings with the seller
and the buyer. The agent will also have the duty to disclose all
facts known to the agent materially affecting the property that
are known within the diligent attention and observation of
the parties. The duties of honest and fail dealing in good faith
shall be due both parties.
An example in
representing both seller and buyer, the agent shall not, without
express permission of Seller, disclose to Buyer that the Seller
is willing to sell the property at a price that is less thank
the listing price, and likewise, the agent shall not, without
the express permission of the buyer, disclose to the Seller that
Buyer will pay a price that is greater than the price offered.
You have our promise that your
information is safe with us and will only be used to help you
with your real estate needs.
