http://www.noss123.com/
- *Buyers as clients*
With the increase in the practice of buyer brokerage in the US, especially
since the late 1990s in most states, agents (acting under their brokers)
have been able to represent buyers in the transaction with a written "Buyer
Agency Agreement" not unlike the "Listing Agreement" for sellers referred to
above. In this case, buyers are *clients* of the brokerage.
Some real estate brokerages choose only to represent buyers in an exclusive
buyer's agency relationship and do not take "listings" from sellers.
A real estate brokerage attempts to do the following for the buyers of real
estate *only when they represent the buyers with some form of written
buyer-brokerage agreement*:
- Find real estate in accordance with the buyers needs,
specifications, and cost.
- Takes buyers to and shows them properties available for sale.
- When deemed appropriate, prescreens buyers to ensure they are
financially qualified to buy the properties shown (or uses a mortgage
professional to do that task).
- Negotiates price and terms on behalf of the buyers and prepares
standard real estate purchase contract by filling in the blanks in the
contract form. The buyer's agent acts as a fiduciary for the buyer.
Due to the importance of the role of representing buyers' interests, many
brokers who seek to play the role of client advocate are now seeking out the
services of Certified Mortgage Planners, industry experts that work in
concert with Certified Financial Planners to align consumers' home finance
positions with their larger financial portfolio(s).
- *Buyers as customers*
In most states, until the 1990s, buyers who worked with an agent of a real
estate broker in finding a house were *customers* of the brokerage, since
the broker represented only sellers.
Today, state laws differ. Buyers and/or sellers may be represented.
Typically, a written "Buyer Brokerage" agreement is required for the buyer
to have representation (regardless of which party is paying the commission),
although by his/her actions, an agent can create representation.
- Find real estate in accordance with the buyers' needs,
specifications, and affordability.
- Take buyers to and shows them properties available for sale.
- When deemed appropriate, prescreen buyers to ensure they are
financially qualified to buy the properties shown (or uses a mortgage
professional to do that task).
- Assist the buyer in making an offer for the property.
