Buyers Have the Right & Responsibility to be Represented
Long ago, prior toÂ multi-lists and the Internet, it was common practiceÂ forÂ listing agents to sell the homes they were marketing.Â Back then, Purchase Sales Agreements may have been only two pages long.Â Folks were much less mobile, too.
Fast forward to the 21st Century.Â With the advocacy of consumer rights and transparency being the crux of real estate transactions, bothSellers and Buyers have the right to be represented when making a move.Â What this means is that the scaled are balanced in contract negotiations,Â This is accomplished by both Buyers and Sellers signing formal agreements with specific brokers and, in turn, the agents designated by the respective brokers.Â Â
Like listing agreements, buyer's broker agreements are typically bilateral, i.e., they delineate the rights and duties of both parties. Because bilateral contracts are essentially a promise for a promise, they are performance driven.Â If Buyers are not completely satisfied with the broker and agent hired to represent them, they have the right to terminate the Buyers Agency Agreement.Â Of course, there needs to be a just and probable causeÂ of the failure of the Buyer's Agent and/or BrokerÂ to perform the duties and responsibilities agreed to beforehand.
The key tenets that a Buyer's Agent must uphold are essentially a mirror image of those to which a Seller's Agent are bound:Â loyalty, confidentiality, good faith effort, advocacy, accountability, and obedience.Â Essentially,Â Buyer's Agents advocate for their clients by negotiating terms and conditions of the Purchase Sales Agreement, guiding them through the home buying process, performing Competitive Market Analyses when a property is considered for purchase, anticipating potential problems with transactions and recommending appropriate courses of action when glitches occur.Â In short, a Buyer's Agent isÂ legally boundÂ to protect and promote the Buyer's interests over those of the seller.
It is important to note that the instrument by which these extended benefits to Buyers in real estate transaction is the Buyers Representation Agreement, a commitment by both the Buyers and Brokers create a professional business relationship.Â Therein, the specific terms and conditions are set forth in a written agreementÂ stating the duration of the contract, any fees that might incurred, and the obligations of all parties. By agreeing to enter into a business relationship with a broker and designated agent, consumers become clients entitled to a higher level of benefits and protection under the law.Â This modelÂ is the parallel to the higher level of service provided by counselors, lawyers, and other professionals to their clients.Â Yes, Buyers do have the right to be represented!