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Buying a property requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.
A Realtor® has local market expertise which provides deeper insights into subdivisions, the area, lifestyle and important decision-making factors you might not think about at first.
What type of communication should I expect from my Buyer’s Agent?
Every person communicates differently. When you meet an agent and the conversation flows, you are on the same communication style. It’s important for both you and the agent to set realistic expectations for how often you should be updated, the best methods to use and who all needs to be kept in the loop.
Does the Buyer’s Agent have a recommended vendors list?
An experienced agent will have developed trusted relationships with other industry professionals over a long period of time. From lenders and closing attorneys to contractors and inspectors, your buyer’s agent should be able to refer you to multiple sources so you can ultimately determine who works best for you. These are only recommendations, and you have the right to choose who you work with every step of the way.
What is Dual Agency
You may permit an agent or firm to represent you and the seller at the same time. This “dual agency relationship” is most likely to happen if you become interested in a property listed with your buyer’s agent or the agent’s firm. If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer’s agent will ask you to amend the buyer agency agreement or sign a separate agreement or document permitting him or oher to act as a an agent for both you and the seller. If may be difficult for a dual agency to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally.
Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called “designated dual agency” where one agent in the firm represents the seller and another agent represents the buyer. This option may allow each “designated agent” to more fully represent each party.
If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of
- what your relationship is with the dual agent
- what the agent will be doing for you in the transaction.
This can best be accomplished by putting the agreement in writing at the earliest possible time.
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