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Buyer "CLIENT"
Buyer has
signed an Exclusive Buyer Representation Agreement with a specific brokerage firm. |
Buyer
"CUSTOMER"
Buyer has elected to use the services of a brokerage firm
but has not signed an agreement for buyer representation. |
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A.
Needs Assessment
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As
a Buyer-Client
1. Your Exclusive Buyer Agent can devote full attention
to your needs without an obligation to match you with a seller-client's property.
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As a Buyer-Customer
1. The
seller agent's duty of undivided loyalty to the seller obligates the company to
attempt to keep you focused on the property that you called about until you reject
the seller¿s property. |
| 2. Your Exclusive Buyer
Agent's duty of confidentiality enables you to provide information without fear
of harming your negotiating position. |
2. A seller agent's
duty of full disclosure to the seller means that you should not tell the seller's
agent or subagent any information that will harm your negotiating position. |
| 3. Your Exclusive Buyer Agent's duty of undivided loyalty
enables your agent to suggest alternative solutions to your needs, thus increasing
the supply of appropriate properties. |
3. Because it is in
the seller's best interest for appropriate properties for you to be in short supply,
the seller's agent or subagent will not take any action which would expand your
market. |
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B. Property Selection
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As a Buyer-Client
1. Your
Exclusive Buyer Agent is obligated to find the best property for you. A buyer's
agent has access to the entire market and is not limited to properties that have
been listed for sale. |
As a Buyer-Customer
1.
The seller's agent or subagent is obligated to find the best buyer for the seller's
property. |
| 2. If necessary, your Exclusive Buyer
Agent can promote your search for an appropriate property through promotions in
print media, to seller's agents and directly to owners of properties that may
be appropriate for you. |
2. A seller's agent who works FOR
you by promoting a buyer's search may be accused of creating an implied agency
with you. This includes placing ads in print media or contacting owners of properties
that are not listed for sale. |
| 3. Because of your
Exclusive Buyer Agent's duty of undivided loyalty, you should be notified of new
listings and be given an opportunity to view these properties before buyer-customers
are notified. |
3. The seller's agent will notify you of new listings after
buyer-clients have had an opportunity to view these properties. |
| 4. Your property selection is not limited by the seller's list
price. Your Exclusive Buyer Agent may help you to negotiate the sales price down
into your range of affordability. |
4. Unless a seller-client
agrees otherwise, you should only be shown properties priced within your range
of affordability. To do otherwise would imply that the seller would accept less
than list price. |
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C. Viewing
Properties
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As
a Buyer-Client
1. Your Exclusive Buyer Agent will assist you in making
an objective evaluation of a property, including both positives and negatives.
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As a Buyer-Customer
1. A
seller's agent will disclose material facts about the property to you, but will
not provide an objective assessment of the property nor address any negative aspects
that are not material facts. |
| 2. Your Exclusive
Buyer Agent will assist you in making an objective comparison with competing properties.
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2. A seller's agent will not assist you in comparing competing
properties. |
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D. Negotiating
the Purchase Agreement
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As
a Buyer-Client
1. Your Exclusive Buyer Agent will plan your negotiating
strategy with you. |
As a Buyer-Customer
1.
The seller's agent plans a negotiating strategy to obtain an offer from you at
the seller's price and terms. |
| 2. Your Exclusive
Buyer Agent will suggest procedures which will strengthen your negotiating position.
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2. The seller's agent will implement a negotiating strategy
that will strengthen the seller's negotiating position. |
3.
Your Exclusive Buyer Agent will provide price counseling for you:
a. Information
on similar properties which have sold recently.
b. Information on similar
properties which are currently on the market. |
3. The seller's
agent will provide a Competitive Market Analysis for you only if the CMA supports
the seller's listing price. |
| 4. Your buyer's agent
will suggest protective clauses for the purchase agreement to protect you. |
4.
The seller's agent will attempt to negotiate protective clauses in the purchase
agreement to protect the seller. |
| 5. Your buyer's
agent will suggest financing alternatives that may be in your best interests.
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5. The seller's agent will suggest financing alternatives
to you that increase your chances of qualifying and at the least expense to the
seller. |
| 6. Your buyer's agent will implement
negotiating techniques on your behalf as appropriate. |
6.
The seller's agent will implement negotiating techniques on the seller's behalf
as appropriate. |
| 7. During the term of a negotiation,
your buyer's agent will continue to search for other appropriate properties for
you to enhance your negotiating position. |
7. During the
term of the negotiation, the seller's agent will continue to market the seller¿s
property in an attempt to obtain a better competing offer. |
| 8.
With the previous client's consent, your buyer's agent can tell you about the
details of unsuccessful negotiations in the past or any other information about
the seller which would aid your negotiating position. |
8.
Unless the seller agrees otherwise, details about the seller's previous negotiations,
motivations to sell, financial position, or any other information that would aid
your negotiating position must remain confidential. |
| 9.
Unless you agree otherwise, any information about the seller that would aid your
position must be disclosed to you. |
9. Unless the seller
agrees otherwise, any information about you that would aid the seller's negotiating
position must be disclosed to the seller. |
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E.
Follow Through After the Purchase Agreement
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As
a Buyer-Client
1. Your Exclusive Buyer Agent will attempt to solve problems
to your satisfaction. You and the seller or seller's agent are kept informed of
the progress in preparing for the closing. |
As
a Buyer-Customer
1. The seller's agent must attempt to solve problems
to the seller's satisfaction. Seller and buyer are kept informed of progress in
preparing for the closing. |
