| Real Estate Buyer's Agency |
| Before working with a real estate broker, you should know
that the duties of a broker depend on whom the broker represents.
If you are a prospective buyer or a tenant (buyer), you should
know that the broker who lists the property for sale or lease
is the owner’s agent. A broker who acts as a subagent represents
the owner in cooperation with the listing broker. A broker who
acts as a buyer’s agent represents the buyer. A broker
may act as an intermediary between the parties if the parties
consent in writing. A broker can assist you in locating a property,
preparing a contract or lease, or obtaining financing without
representing you. A broker is obligated by law to treat you
honestly.
Buyer's Agency:
The broker becomes the buyer’s agent by entering
into an agreement to represent the buyer, usually through
a written buyer representation agreement. A buyer’s agent
can assist the owner but does not represent the owner and
must place the interests of the buyer first. The owner should
not tell a buyer’s agent anything the owner would not
want the buyer to know because a buyer’s agent must disclose
to the buyer any material information known to the agent.
If you choose to have a broker represent you, you
should enter into a written agreement with the broker that
clearly establishes the broker’s obligations and your
obligations. The agreement should state how and by whom the
broker will be paid. You have the right to choose the type
of representation, if any, you wish to receive. Your payment
of a fee to a broker does not necessarily establish that the
broker represents you. If you have questions regarding the
duties and responsibilities of the broker, you should resolve
those questions before proceeding.
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or in need
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