Nine
Frequently Asked Questions
1.
What is "buyer agency"?
Buyer agency is the highest level of client representation afforded
to a buyer by a real estate professional. When you engage a "buyer's
agent" your real estate professional is required to represent your
interests as long as those interests are not illegal.
2.
Why is this of value to me as a buyer?
The seller of a property is represented by the "listing agent."
In negotiating price and terms, the seller has an advocate to represent
their interests, but, unless you have executed a buyer agency agreement
with your agent, your interests may not be represented.
3.
What is required of me as a buyer to be afforded this level of representation?
A written and signed "buyer agency" agreement is required
by Georgia law.
4.
What will a real estate professional do for me as my buyer's agent?
You will be afforded a higher level of service. Your buyer's agent will
analyze information such as competitive market data, advise you on negotiating
and wording a purchase agreement, and, in general, act as your advocate
in the purchase process.
5.
If I decline "buyer agency," who represents my interests?
If you decline "buyer agency," you will not have a representative
to look out for your best interests. In fact, your agent may be required
by law to represent the interests of the seller.
6.
How much does this higher level of representation cost me?
Usually nothing. In 99% of all residential real estate transactions,
the seller pays all commissions, and buyer representation costs the
buyer nothing. To ensure that you do not incur a fee, you may instruct
your agent to show you only those residential properties for which the
seller has agreed to compensate the buyer's agent.
Your
buyer's agent will address cost and any other questions you may have
at the time you are presented the buyer agency agreement. Be sure to
ask your buyer's agent every question you have no matter how basic it
may seem. Your buyer's agent represents you!
7.
What are my responsibilities as a buyer in this agreement?
In this agreement, you agree to handle all real estate concerns through
your agent. You agree neither to seek real estate information nor to
view or purchase any property without your buyer's agent.
8.
Who decides if I am represented or not?
As the buyer, you alone may make that decision.
9.
Why would someone not want to be represented by a buyer's agent?
We have yet to hear a good reason why a buyer would refuse representation.
In our experience, buyers without buyer's agents simply have not been
informed that they have a right to be represented.
Ask
one of our associates today about becoming your Buyer's Agent.
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