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1. What is "buyer agency"?
Buyer agency is the highest level of client representation afforded to a buyer by a real estate professional. A "buyer's agent" is required to represent the interests of a buyer (as long as those interests are not illegal!).
2. Why is this of value to me as a buyer?
The seller of a property is represented by the "listing agent." In negotiating price and terms, this agent represents the interests of the seller. Unless you have executed a buyer agency agreement with a "buyer's agent", your interests as a buyer may not be represented.
3. What is required of me as a buyer to be afforded this level of representation?
A written and signed "buyer agency" agreement is required by Georgia law.
4. What will you do for me as my buyer's agent?
You will be afforded a higher level of service. A buyer's agent will analyze information such as comparative market data, advise you on negotating and wording a purchase agreement, and, in general, act as your advocate during the entire purchase process.
5. If I decline "buyer agency", who represents my interests?
If you decline "buyer agency", you will not have a representative to look out for your best interests. In fact, the listing agent may be required by law to represent the interests of the seller.
6. How much does this higher level of representation cost me?
In over 99% of all residential real estate transactions, the seller pays all commissions and the buyer receives the full benefit of professional representation.
7. What are my responsibilities as a buyer in this agreement?
In this agreement, you agree to handle all real estate concerns through your buyer's agent.
8. Who decides if I am represented or not?
As the buyer, you alone may make that decision.
9. Why would someone not want to be represented by a buyer's agent?
We have yet to hear a good reason why a buyer would refuse representation. In our experience, buyers without buyer's agents simply have not been informed that they have a right to be represented.
Tip: Choose a buyer's agent who is an Accredited Buyer Representative (ABR). |