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What is Buyer’s Agent Representation

We would never purchase a property or enter into a real estate deal without the trusted representation of our broker NycCountryHomes Real Estate Group.  (Harvey & Freida Goldberg)

 

Did you know that by default all real estate brokers represent the interest of the seller by law! 

 

Unless, that is, the buyer has entered into a written agreement with a real estate broker to represent the buyer as a “buyer’s agent”.  This is of such significance that New York State has created a “Buyer & Seller Agency Disclosure Form” to fully explain the responsibilities of all parties.

We at The Lawrence Walsh Group professionally represent and consult with buyers in Westchester & Putnam Counties NY in all facets of real estate transactions.  As your professional “Buyer’s Agent” we perform the following services;

 

  • Exclusively represent your interest only!
  • Assist you in pre-qualifying and obtaining a mortgage
  • Research and identify neighborhood & schools
  • Provide search access to three Multiple Listing Services MLS
  • Provide automatic daily updates of matched properties
  • Research town, tax and building records
  • Professionally negotiate the purchase offer
  • Attend the home inspection
  • Attend the bank appraisal
  • Monitor the progress of the sale & escrow with buying & selling attorneys
  • Attend the closing

 

If the property is listed on the MLS System, than the seller pays the compensation to the buyer’s agent via the Multiple Listing Services cooperating broker’s agreement, which is essentially why the MLS System exists.  This means that it cost you the buyer nothing when buying a MLS listed property.  However, if the home is a FSBO "for sale by owner", and on the rare occasion the seller does not agree to pay any compensation, then it's the responsibility of the buyer to pay our professional fees.  We'll review this with you before showing or making an offer on any property that is outside the Multiple Listing System MLS and the seller hasn't agreed to pay the real estate fee's.

 

New York State Law defines a Buyer’s Agent using the following terminology;

 

“A buyer's agent is an agent who is engaged by a buyer to represent the buyer's interests. The buyer's agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer.  A buyer's agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account.  A buyer's agent does not represent the interests of the seller. The obligations of a buyer's agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer.  In dealings with the seller, a buyer's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer's ability and/or willingness to perform a contract to acquire seller's property that are not inconsistent with the agent's fiduciary duties to the buyer."

Looking for a deal on that special property? Then browse all our Handyman Specials, Foreclosures, New Homes, Waterfront Homes, Log Cabin Homes, 55+ Adult Community or Equestrian Properties.

 

Contact NycCountryHomes for first class representation and exceptional client services. 

Call us today in New York at 845-278-0099 or 914-248-1800 click here to contact us.

 "People don’t care how much you know, until they know how much you care".  John C. Maxwell

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