|Why Do you need a Buyer's Broker?|
To work on YOUR behalf when you buy property to obtain the lowest price and the best terms!
A Buyer's Broker has the fiduciary duties of loyalty, confidentiality, obedience, full disclosure, accounting and the duty to use skill, care and diligence.
A listing agent cannot represent the Buyer exclusively, they must represent the seller or establish a position as a "Transaction Broker", who has limited representation.
Limited representation means that a buyer or seller is not responsible for the acts of the licensee.
Who pays the commission for a Buyer's Broker?
Compensation to the Buyer's Broker is paid by the seller to the listing agency and they split the compensation per Multiple Listing Service agreement with the Buyer's agency at closing.
Compensation to the Buyer's Broker is paid from a "for sale by owner" and is included in the sales price at closing.
It is NOT paid by the Buyer !!
The "Accredited Buyer Representative"Designation
To attain this designation a real estate practitioner must complete an extensive classroom training program on Buyer agency practices and procedures, pass a written examination and submit evidence of practical experience as a Buyer's Representative.
So...if a real estate transaction is in your future, put an Accredited Buyer Representative to work for you!
|Does your REALTOR do this for you?|
I) Qualify or arrange for Buyer to pre-qualify for a loan, with a lender.
2) Provide properties to the Buyer which meet the Buyers specifications including financial ability to purchase.
3) Provide the following documents prior to contract to the Buyer if available:
a) Comparable SOLD properties both thru MLS and tax rolls in the area where the potential property is listed.
b) All active listings of properties in the Area.
c) Plat and/or survey of the potential property
d) Restrictive Covenants
e) Seller's Disclosure
f) Current school zones
g) Any other documents available regarding the property
4) Negotiate the price, terms and conditions for benefit of the Buyer and disclosing all known facts regarding the property to the Buyer.
5) Provide an escrow account to deposit binders.
6) Coordinate home inspections with the Seller/Buyer and negotiate the contract to include any needed repairs.
7) Order title insurance, survey or other closing requirements.
8) Arrange a final walk-thru and assist Buyer with checkdown list to insure all terms of the contract are met.
9) Review closing statement as to it's consistency with the terms of the contract.
10) Represent the Buyer at closing to assist Buyer by explaining documents and reviewing termite inspections and survey with Buyer.
11) To follow-thru on any outstanding repairs not addressed prior to closing as listed on Notice of Inspection.
12) To remind Buyer to file for Homestead Exemption.