This explains what your real estate agent (referred to as “Broker” here) has to do when working for you, the buyer. Here’s a breakdown in simpler terms:
Your Agent’s Must-Do’s:
- Act Skillfully and Carefully: This means looking out for your best interests throughout the buying process.
- Keep You Informed: Your agent must share all offers (both yours and others’) promptly and update you on the transaction.
- Be Honest and Upfront: They’ll disclose any important facts they know about the property or the seller.
- Offer Expert Guidance: Your agent can advise you on the deal and recommend getting help from specialists (like lawyers or inspectors) for areas outside their expertise.
- Handle Your Money Securely: They’ll account for any money or property you entrust to them.
What Your Agent Can’t Reveal (Without Your Permission):
- Your Budget Limits: They can’t tell the seller you’re willing to pay more than your initial offer.
- Your Reasons for Buying: Your motivations (like needing a quick move) are private.
- Your Financing Flexibility: The seller won’t know if you’re open to different loan terms.
- Certain Personal Details: They can only share private info if required by law or to prevent fraud.
Additional Points:
- Your Agent Can Work with Other Buyers: They can show the same property to other interested parties.
- Finding Alternatives Isn’t Mandatory: Once you have a purchase agreement, your agent isn’t obligated to keep searching for other options.
- Inspections Are Up to You: It’s your responsibility to arrange inspections for the property. Your agent can’t do this independently.
- They’ll Be Honest About You Too: If you’re the buyer, your agent must disclose certain things about you to the seller, like your financial situation and whether you plan to live in the property yourself.
Bonus! If you choose to have a Buyer’s Agent (indicated by a checked box), they have additional duties:
- Put Your Needs First: They’ll prioritize getting you the best price and terms possible.
- Offer Expert Advice: They’ll share their knowledge about any potential benefits or risks involved in the transaction.
A buyer’s agent, also sometimes called a buyer’s broker or a selling agent representing buyer, is a licensed real estate professional who works exclusively for the home buyer throughout the purchasing process. Their main responsibility is to advocate for the buyer’s best interests and ensure they find a property that meets their needs and budget.
Happy house hunting!
