| Seller's Agent -- His client is the home owner the
party selling the property. He owes a fiduary duty to
the seller to sell the home for the highest price possible.
You can believe that the real estate agent will do just
that.
Isn't the agent who shows me homes representing me?
"Don't count on it. Unless you have a written Agency
Agreement, the Law of Agency, as defined by federal
and state courts,specifies the contractual relationships
that are formed when property is bought and sold. Agents
listing property enter into assigned contract with the
sellers to represent them in the sale of their property.
This same contract permits the listing agent to use"sub-agents"
to help secure a sale. Unless you have a written Agency
Agreement with a real estate agent promising to represent
YOUR best interest, the agent showing you homes should
be considered a sub-agent working with the listing agent
to obtain the highest possible price for the seller."
If you want to make sure you buy smart, you need a buyer's
agent. More savvy home buyers are using a buyers agent
If you're a first-time buyer, if you're relocating or
unfamiliar with the local real estate market, if you're
buying for investment and want negotiating help, or
if you need to purchase anonymously, you'll be best
served by a buyer's agent who puts your interests first.
most sellers are prepared to pay a commission simply
to get their home sold. They aren't concerned whether
it's a subagent or a buyer's agent that shares the commission.
HOW DOES A BUYER'S AGENT GET PAID?
The buyer's agent is generally paid from the transaction
commission. This is the same
commission which the seller agrees to pay his listing
broker. Most listing brokers agree to pay a "co-operating"
fee to any broker who obtains a buyer for the seller's
property. This is the same commission amount that would
be paid to any real estate agent who obtained a buyer
for the seller's property. So it doesn't cost the buyer
any more to be legally represented by a buyer's agent.
In fact, many times it will cost the buyer less, because
the buyer's agent is working to get the property at
the lowest possible price for the buyer!
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