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First let me say, there is no charge for Buyer Representation. My policy and in fact my comfort zone, dictates that I work with every buyer as though I represent them. There are of course official guidelines and requirements related to the act of representation but I feel that you deserve these benefits whether or not you’ve actually signed the piece of paper. I prefer to earn your trust first and for me to indicate otherwise, to say you are not entitled to these things until you sign on the dotted line, runs counter, I believe, to the whole meaning of the word Agent.
Having said that, the biggest benefit of Buyer Representation is dedication of a Buyer’s Agent to you. Customarily the Buyer Agent and the Home Buyer establish a mutual agreement, known as a Buyer Agency Agreement that in writing, entitles the buyer, though is not limited, to the following:
Loyalty – Always acting in the best interest of the client.
Disclosure of all material facts such as, though not limited to, relationships between agent and other parties, existence (if known) of other offers, status of earnest money, property’s true worth, legal effect of contract provisions. Complete disclosure, in writing, of dual agency should it arise.
Confidentiality – Not disclosing facts that could influence the buyers ability to negotiate the best terms, any discussions, facts, or information that should not be revealed. This does not preclude responsibility of fairness and honesty in dealings with all parties.
Accounting in dealings – Reporting of the status of all monies related to the transaction.
Reasonable Skill and Care Advising the buyer of a reasonable purchase price, discovery and disclosure of material facts to the buyer, investigation of material facts related to the sale.