When Buying a Home the Agent that you are working with is going to want you to become their Buyer client. What does this all mean and why should you become the client vs remain the customer?
When you are the customer, you are not represented by anyone. That effectively means that the agents are working for the Seller.
When a listing comes onto the MLS, I am a representative of that Seller and my fiduciary duty is to work for that Seller. If you contact me to look at that home, I am still responsible to the Seller until we mandate a Buyer Agency Agreement at which point I no longer am responsible to the Seller, I become your advocate and I will be looking after your best interests from the time you begin looking for a home, throughout the subsequent purchase and closing.
As a Buyer Customer, my loyalties lie with the Seller and not with the you. My fiduciary duty to you is to:
- give you only the material facts about the Seller’s property
- only answer questions that are public knowledge
- treat your needs fairly and honestly
- be diligent in my business relationship with you
- uphold fair housing protocol
- be responsible for the accounting function
- write a contract for you but negotiate in favor of the Seller
- Offer no financial advice about purchase price or offer price.
- I must look after the Seller’s best interests
- negotiate on behalf of the Seller
- protect the Seller’s personal information
- Work for the Seller completely
- Focus on getting the Seller’s property sold
When you hire me as your Buyer’s Agent my loyalties lie with you my Buyer Client. My Fiduciary and statutory duties are bound to you and I will
- be loyal to your needs
- Disclose everything I know about the Seller
- Disclose all I know about the property
- share other pertinent information about the location with you
- assist you to get pre-approved for a mortgage
- ensure you have options in terms of mortgage
- be responsible for ensuring your accounting is done correctly and in your favor wherever I can
- protect your interests
- protect your personal information as best I can
- find you a home that suits your needs
- be honest and diligent in all my negotiations on your behalf
- negotiate in your favor wherever I can
- offer advice and tips to you exclusively
- write a contract to benefit the Buyer Client whenever I can
- do a CMA (Comparable Market Analysis) to ensure you pay the correct price for the property
- look after your needs throughout the transaction and beyond
- I have to uphold Real Estate Law and be fair in my dealings with both parties
As a Real Estate Professional I do not get paid by the Buyer / Buyer Client. My fees are paid for by the Seller. That means that you are getting my professional service for FREE. Let me assist you with finding your new home and sharing my expertise with you as my Buyer Client.