Buyers Agency
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By

Val Wysack


As a property buyer, you should know that the listing and selling brokers generally are seller’s agents because the listing agreement serves as a contract employing the broker and selling agent to sell the property on the seller’s behalf. Seller’s agents have a fiduciary duty of loyalty, confidentially, full disclosure and accurate accounting to the seller. However, while neither the listing nor selling broker is your agent, they are of course able to provide you with a variety of valuable market information and assistance in your decision to buy real property.

You should also know that you may choose to obtain buyer’s agency representation from a lawyer or a real estate broker, or both. Buyer’s agents have a fiduciary duty of loyalty, confidentially, full disclosure and accurate accounting to the buyer.

As a Buyer’s Agent, I contract specifically with the buyer to represent the buyer instead of the seller (*). In this capacity, I consult with you about any matters concerning the property you want to buy and may be able to find property for you that is not even currently listed on the market. Historically, customers that I have represented as a Buyer’s Agent found the agreement valuable and useful.

If you choose to have me represent you as a Buyer’s Agent, you must:

  1. Enter into a written contract that establishes the obligations of both parties.

  2. Specify how your agent will be compensated.

  3. Inform other brokers that you come in contact with that you have retained the services of a broker to work on your behalf as a Buyer’s Agent.

Finally, before you disclose confidential information to a real estate licensee regarding a real estate transaction, you should understand what type of agency relationship you have with that licensee. This can be accomplished by taking a moment to review our "Agency Disclosure Form". For more information, please ask4val.


(*) ­ Employing an existing seller’s agent as a buyer’s agent forms a dual agency. Val will explain what this means if it applies to your situation.


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