The
word fiduciary well describes the role a Buyer's Agent has relative to the buyer. The
Buyer's Agent represents the buyer who is purchasing the property in the real estate
transaction. This agent owes full fiduciary responsibilities, duties, and loyalty to the
buyer. The Buyer's Agent works for the buyer and has the buyer's best interests in mind
throughout the entire transaction process.
Choosing an agent to represent you in a real estate transaction is an important decision.
It is a good idea to interview several agents before making your selection. When selecting
a real estate agent, keep in mind the following criteria:
- Service -- The buyer's agent should be
willing to go the extra mile to support the buyer in finding the right home and throughout
the transaction process.
Experience -- A buyer's agent should keep
up to date on all aspects of the real estate market and make it a point to know what is
going on in the area.
Reputation -- Always choose an agent that
has built up a reputation in the area as someone who is dependable, committed and honest.
Cost
In most cases, you do not have to pay to be represented by a Buyer's Agent. The Buyer's
Agent is usually compensated by splitting the fee that has been negotiated between the
seller's agent and the seller. In the case of new construction, the builders pay for the
buyer to have representation.
