As a Buyer, why should you use a Broker?
Buyers often make the mistake of purchasing a property through the listing Broker (the person with his/her name on the sign in front of the property), who typically represents the seller’s interests only. Below are many reasons why you should consider using a Broker who represents you, only, in the buying process:
- Loyalty
The real estate Broker must act in your best interest.
- Obedience
The Broker must follow the lawful instructions of the principal (buyer).
- Disclosure of all material facts
Examples, but not limited to:
- Relationships between Broker and other parties (ie: if they’ve used the inspector they’re recommending before).
- Existence of other offers.
- Status of earnest money.
- Commission split with other brokers.
- Legal effects of important contract provisions.
Confidentiality
Any discussions, facts or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties.
- Accounting in dealings
Reporting of where any money placed in the hands of the broker is kept.
- Reasonable skill and care
- Arriving at a reasonable purchase price and advising buyer of such.
- Affirmatively discovering material facts and disclosing them to the buyer.
- Investigating the material facts related to the sale.
As a buyer's Broker, he/she represents the buyer, only, in the transaction, not the seller. This is different from a typical sub-agency transaction where the buyer is not technically represented. When you are looking to make the biggest investment of your life, it's easy to understand why it is important to be represented fairly.
