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Darren P. Schortgen's Blog

By Darren P. Schortgen | Broker in Fort Wayne, IN

Why I use buyer broker agreements, and why they are in your best interest to sign one.

I should start off by explaining what a buyer broker agreement is.  It is an agreement between a real estate broker and a home buyer that explains the broker/client relationship and fiduciary duties that the broker owes to the client.  With out one, in Indiana, the buyer is unrepresented in a real estate transaction, and they are merely a customer of the broker that they buy a home through.

This agreement, when properly executed, establishes that the buyer’s agent that you are working with is your fiduciary.  This means that I owe you accounting, confidentiality, disclosure, loyalty, obedience, and reasonable care and diligence.  Let’s take a look at each of those items.

Accounting - To account for all funds and property entrusted to me on the clients behalf.

Confidentiality - To safeguard your secrets.  This protects you by keeping what you tell me in confidence from being used by a party to a transaction from using it against you.

Disclosure - To disclose all known relevant facts to you.

Loyalty - To act at all time in your best interests.  This requires me to put your interests first, even above my own.

Obedience - To follow all lawful instruction given by you.  This means that I am obligated to carry out your lawful requests on your behalf.

Reasonable Care and Diligence - To use real estate skills and knowledge when pursuing your business affairs.  This means that I am bound to use my expertise to your advantage.

As you can see, it is in your best interest to sign a buyer broker agreement when choosing to work with me as your buyer’s agent.  Being a client is always better than being a customer when it comes to being a real estate consumer.

I hope you found this post to be helpful.  As always, drop me a line if you have any real estate questions or needs.  I love what I do, and I promise to always do the best job for you!

Darren Schortgen, Broker-Owner/REALTOR
Advanced Realty of Fort Wayne

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