Exclusive Buyer Agency Agreements are where a Realtor represents the Buyer of real estate.
The Buyer Agent owes fiduciary duties to the Buyer under this relationship and agreement, including fidelity, honesty, dedication to purpose, acting in the Buyer's best interests, etc.
The commission to be paid to the Buyer's Agent in the Buyer Agency Agreement, , is generally offset against the share, or "co-op", commission offered by the Listing Agent through the Multiple Listing Service ("MLS"). So in essence, a Buyers Agent is FREE!!!!!
An exclusive buyer agent is a real estate agent who is NOT representing a seller in any transaction while representing the particular buyer.
It is beneficial to a buyer to have representation because the agent is responsible for acquiring information on the property and advising the buyer based on that information. Without an agreement, the agent does NOT have an obligation to work with the buyer's best interests in mind.
WHY would you NOT use a Buyer's Agent in a Real Estate Transaction??
They are working for you and your interests first and foremost. They will get you the most home for the money and represent YOU throughout the entire transaction.
1 comment:
You are misinforming your readers about the nature of exclusive buyer agency. An EXCLUSIVE buyer agent is one who represents buyers through a brokerage that does not represent sellers AT ALL.
Refer to the National Association of REALTORS® own definition of Exclusive Buyer Agency in their publication, "Agency Choices, Challenges & Opportunities®" (1993, p.25) which states: "Exclusive Buyer Agency--The practice of representing only buyers and never sellers in a transaction. The Company never lists a seller's property and thus NEVER has a Seller as a client."
What you are calling exclusive buyer agency is in fact known by various names including designated agency.
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