What is Buyer Agency?
A Buyer's Agent is a professional real estate agent that works exclusively for the buyer and represents the buyer's best interest throughout the real estate transaction.
In the state of Maryland, an individual RealtorŪ can represent either the purchaser or a seller in a real estate transaction, but never both at the same time. When a real estate agent signs a listing with the seller, he or she can only represent the seller's best interests, and has a fiduciary responsibility to the seller.
Although seller's agents may assist purchaser's who would like to write on one of their own listings, their loyalty and responsibility to the seller is governed by a mutually signed listing contract.
Benefits Of Working With A Buyer's Agent
As a purchaser, it is very desirable to work with a buyer's agent who will work solely for you and has no legal or other responsibilities to the seller. When working with a Buyer Representative, you have the advantage of personal representation, independent counseling, loyalty, confidentiality and trust. Because a Buyer's agent has a fiduciary responsibility to YOU, he or she can also be forthcoming with any negative aspects about properties that you're investigating for purchase.
When Buyers work with a real estate professional who is loyal and committed to the purchaser, chances are that the entire home buying process will go smoothly, with more buyer satisfaction.
Can a Buyer Agent Show us all properties?
Yes Indeed! A Buyer Agent can show you every home listed in the MLS,(Multiple Listing Service) in addition to:
- For Sale By Owner properties
- NEW HOMES
- Unlisted homes.
Does a Buyer Representative make decision for us?No. As your personal ally, advocating your best interests, a Buyer Representative is obligated to provide you with as much information as possible about buying a home, each step of the way. That means disclosing specifics about location, property values, offering price, negotiations, counter offers, contingencies, financing, and the entire closing process.
Armed with such vital and detailed information, you'll be thoroughly prepared to make decisions that are right for you and your family.
What about negotiating the details?
First, a Buyer agent is fully qualified and highly skilled in back and forth negotiations and financing queries that precede the closing of most real estate transactions. Second, a buyer Agent is also experienced and committed to helping protect your best interests in the purchase. In representing and supporting you, that's a powerful combination!
What do you mean about "Confidentiality?"
Since a Buyer's Agent is legally obligated to only you, he or she can help you maintain absolute privacy with regard to financial and personal information. That's another important benefit of working closely with a qualified Buyer Agent.
The first time you schedule an appointment to see a property, your agent will provide you with a copy of a Maryland disclosure form entitled "Understanding Who Agents Represent." This form will list the different ways agents can represent buyers and sellers. To preview a copy of this form Click Here.
Understanding Dual Agency in Maryland
For an explanation of Dual Agency Click Here.