What is Buyer Agency?

July 7, 2010 - Updated: July 8, 2010

What is Buyer Agency?

A buyer's agency agreement puts in writing that I am working for you and putting your
interests before all customers and even my own interests.  Through the agreement I am
giving you a guarantee that I will do everything that is required by you to find you
the home you want to buy.  

Agency is the highest level of representation and consists of certain fiduciary duties:

s your agent, I must obey your instructions to the letter of the law and in accordance
with the contract.

must be loyal and keep your best interests ahead of those of any other party,
including myself. Though confidentiality is discussed separately, it is also a
component of the loyalty piece. Disclosing anything without your express consent
would not be in keeping with this loyalty requirement.

he law requires a real estate agent in a buyer agency to disclose material facts
to their client. Material facts are those that, if known by the buyer, might have
caused them to change their negotiating and purchase actions.

y fiduciary duty of confidentiality means that I do not disclose anything that I've
learned about you, your business, financial or personal affairs or motivations. This
duty survives closing and lasts forever.

ccounting for all documents and funds in the transaction is a fiduciary duty.
Accurate reporting of the whereabouts of all monies pertaining to the transaction and
their ultimate disposition is a fiduciary responsibility.

Reasonable Care:
s a licensed real estate professional, I will advise and guide you through the process
without harm. I will advise on price, inspections, negotiations, repairs and many
other facets of the transaction. If it is not something I am expected to know, I will
advise you on how to get the information.

As an experienced real estate professional I know my fiduciary duties thoroughly and
perform them diligently. I will be so bold as to say that not offering a buyer
representation agreement indicates a lower level of professionalism at the least.

As a realtor, I am constantly making judgement calls as to whether one activity has
more value than another.  Since time is my most valuable asset, every activity must
be seen as expense.  So, if a customer and a client both call to look at properties,
the client will be given priority to the customer.  Why? Because the client has stated
in writing that they are going to buy real estate through me and therefore I know that
when my job is done correctly, and the appropriate home exists, then a commission will
be earned.  So my sole emphasis becomes providing the highest level of service.

Full Representation with No Loyalty to Home Sellers or Listing Agents- Because of
my 100% loyalty to you, my Buyer Client, I do not need to look out for the best
interests of the Seller whatsoever. I do not have a reason or motivation to "sell" one
house over another. My job is to get YOU - the Home Buyer, into the best home for the
least amount of money and hassle possible. The Sellers' Agents' wants and needs have
nothing to do with the level of service provided by me to you. The only duty that the
listing agent has to an unrepresented Buyer is to not lie to you. That is it. They owe
nothing else to you. They are not on your side. When you arm your self with my Buyer's
Agency, you will have me working hard for YOU at every point in the home buying process.

Great Knowledge of the Market- I know "what is out there". I spend a considerable portion
of my time looking at houses and fully understand what is available and where all the good
deals are. I set appointments and viewing hundreds of homes every month. In many cases,
I have already seen a home that you may be interested in, and can share with you many
details before you even go inside!

Access to ALL Available Properties- I have access to every home that is for sale, the
minute it becomes available, and have no loyalty to one listing agent or company over
another.  I will leave no stone unturned when finding the perfect home for you, my Buyer
Client. I am constantly reviewing the MLS and FSBO web sites for homes that match my
clients search criteria as well as communicating with agents in my brokerage and network
who may be preparing a house for sale or who may have a house for sale that the seller did
not want exposed on the MLS system. Most importantly, I can tip you off to properties
before they hit the market because when I have a focused knowledge of my client's needs,
I will canvas that preferred area to present you with the unique opportunity of being the
first person to know about, view and submit an offer on a property as sometimes a seller
is willing to entertain an offer and sell a property in a one shot situation but not
willing to go through all the steps of preparing for and entering the MLS system. This
gives you the key advantage over other buyers competing with you for the same home. There
is nothing more frustrating than finding out too late about a home that would be perfect
for you. I work tirelessly to find the right home for you.

Effective Negotiating Skills and Contract Knowledge - I am an effective negotiator, as one
main part of my job is to write solid offers that get you, my Buyer Client in the best
possible situation. I negotiate and write contracts for a living and know all the tips and
tricks to use and avoid when dealing with different listing agents and sellers. I thoroughly
understand all the details of a Buy-Sell Contract, and am able to explain and walk through
the entire contract, disclosures and any counter offers to you in a way that actually makes
sense making sure that it all works out in YOUR BEST INTEREST. Furthermore, I can help you
find competent lenders, home inspectors, landscapers and anyone else that you, a future
homeowner, may need, once you find a home that you want to buy. Now here's the icing on the
cake: in most cases, my representation will cost you nothing - It's FREE! The compensation
that I receive is built into the selling costs paid by the Seller at the time of closing.

With all this waiting to make your home purchasing experience the best ever, how could you
not consider talking Buyer Agency with me?

Tagged with: buyer agency real estate negotiations buy real estate toronto article
| | Share

Peter Powers, Broker.
Royal LePage Real Estate Services Ltd., Johnston & Daniel Division, Brokerage
Site Map | Privacy Policy   Copyright © 2011 Peter Powers  All Rights Reserved.
Powered by Lone Wolf Real Estate Technologies (CMS6)