What is buyer's agency?

BUYER’S AGENCY

Buyer's agency refers to a type of real estate brokerage relationship where a real estate agent represents the buyer in a real estate transaction. In this relationship, the buyer's agent owes a fiduciary duty to the buyer, which means that they are obligated to act in the buyer's best interests, including providing them with honest and objective advice, negotiating on their behalf, and protecting their confidentiality.

When working with a buyer's agent, the agent's primary responsibility is to help the buyer find the right property at the right price with the right terms. The agent will typically conduct a search for properties that meet the buyer's criteria, arrange for property showings, and provide the buyer with information about the properties they are interested in.

Once the buyer has identified a property they wish to purchase, the buyer's agent will help them navigate the negotiation process. This may involve submitting an offer, negotiating the terms of the contract, and ensuring that all necessary paperwork is completed properly and on time. The agent also helps the buyer negotiate any necessary repairs.

Working with a buyer's agent can be highly beneficial for anyone looking to purchase a property, as it can provide them with valuable guidance and support throughout the entire buying process. By having someone who is dedicated solely to their interests, buyers can feel more confident and secure in their decision-making, which can ultimately lead to a more successful and satisfying real estate transaction.