Home Buying Process
The Home Buying Process
Who Does Your Real Estate Agent Work For?
Traditional Home Buying Process:
Buyer Agency Home Buying Process:
Agent or Subagent to Seller
Working in Best Interest of Seller
Negotiate on Behalf of Seller for Best Terms and Purchase Price
Restricted Advice and Counsel
Agent to Buyer
Working in Best Interest of Buyer
Negotiate on Behalf of Buyer for Best Terms and Purchase Price
Unrestricted Advice and Counsel
Competitive Market Analysis Completed By Agent On Potential Property to Determine Fair Value
No Additional Cost- Buyer's Agent Paid By Listing Broker or Negotiated With Seller
Buyer Representation/Buyer Agency:
Buyer retains a broker to act as an agent of representation. Buyer broker is an agent of the buyer, not the seller. Buyer broker and agents working with buyer broker represent the buyer's interests and owe duties of loyalty and faithfulness to the buyer, but are required to treat all parties fairly.
A seller broker is an agent only of the seller, not the buyer. Seller broker and agents working with seller broker represent the seller's interest and owe duties of loyalty and faithfulness to the seller, but are required to treat all parties fairly.
Multiple Representation/Dual Agency:
Broker acting as an agent for both a buyer and seller. Duties of loyalty and faithfulness owed to both buyer and seller. Broker has the duty under state law to disclose material adverse facts affecting the property to both buyer and seller. Broker will provide advice to both parties, but will not place the interests of either party ahead of the other. Broker will use approved forms to accomplish intent for party making proposal. All proposals will be presented in an objective and unbiased manner, disclosing advantages and disadvantages. Broker shall not disclose confidential information to either party unless required by law.
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