Understand Buyer's Agency
Agency relationships are based on one person, the agent, representing the best interests of another, the client. A fiduciary relationship is formed by the agency.
As Accredited Buyer Representatives (ABR), Mary Ann and Keith qualify to represent the buyer in a real estate transaction. Working asa an advocate for their clients, they provide loyalty, diligence, disclosure, confidentiality, accountability, and reasonable care.
Many buyers recognize the benefit of having their real estate agent represent them as a client in the transaction. This relationship allows clients to the freedom to discuss property value, utilize negotiating strategies, and discuss personal finances with their agent.
The buyer can obtain the agent's opinion and advice concerning the condition of the property, the structure of the offer, and the seller's motivation for selling. A buyer's agent can also compare prices in the neighborhood.
The bottom line, as Accredited Buyer Representatives, Mary Ann & Keith protect their client's best interests.
Understanding the Agency
In the past, all real estate agents represented the seller as subagents to the listing firm in our area. Historically, the seller was the client and the buyer was the customer. The seller paid the real estate fee for all agents in the transaction. The source of the compensation does not, in and of itself, determine agency.
Yet, there must be disclosure of the source. Agency relationships need to be written and disclosed. Under sub agency, agents have a legal responsibility to be "fair and honest and disclose all 'material'" to buyers.
Since July 1993, the National Association of Realtors has changed its regulations and made sub agency and option. Buyer agency is an alternative.