Benefits of Buyer Agency
Benefits of Buyer Agency
LOYALTY:
- The real estate agent must act in the best interest of the buyer.
OBEDIENCE:
- Must follow the lawful instructions
DISCLOSURE OF ALL MATERIAL FACTS:
Examples, but not limited to:
- Relationships between agent and other parties
- Existence of other offers
- Status of earnest money
- Seller's financial condition
- Property's true worth
- Commission split with other brokers
- Legal effect of important contract provisions
CONFIDENTIALITY:
- Any discussions, facts or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties.
ACCOUNTING IN DEALINGS:
- Reporting of where any money placed in the hands of the broker is kept.
REASONABLE SKILL AND CARE:
- Arriving at a reasonable purchase price and advising buyer of such.
- Affirmatively discovering material facts and disclosing them to the buyer.
- Investigating the material facts related to the sale.
