Understanding Buyer Agency CT

Understanding Buyer Agency CT

 

Are you ready to purchase your new home? What is the best way to find a good realtor? Most buyers find one through a friend or family member. Or perhaps you will find an agent on Zillow, Trulia or Realtor.com. No matter how you meet, just be sure you want to work with that agent before you commit to a long term buyers agency agreement. You want to be sure you can work together and are on the same page when it comes to making one of the biggest and most important purchases in your life. When you first meet with the agent, they will usually ask you to sign a buyer’s agency agreement for a long period of time. Before you sign know that you have options. If you want to test drive your agent you can sign an agreement only for the properties they show to you. You can also sign for a week, month or longer period of time. Every contract is negotiable. In the state of Connecticut there are buyer agency laws. There are many ways to work with an agent and hopefully this article will explain the issues before you sign.

 

This information is from the Real Estate Division – Department of Consumer Protection.

 

General Information

A Buyer’s agent represents the interests of the buyer in a real estate transaction. The Buyer’s agent’s responsibilities to the buyer are: undivided loyalty, obedience, diligence, disclosure, confidentiality, accounting, and reasonable skill and care. All duties are fiduciary — they are owed exclusively to the buyer – NOT to the seller.

 

The Buyer’s Agent Role

 

During the search process, the Buyer’s agent:

  • Arranges property showings that meet the buyer’s needs
  • Provides information that the buyer requests about the home or property, community, taxes, utilities and zoning, or refers the buyer to appropriate information sources
  • Discloses any material facts about the property of which the agent has knowledge.

 

During the offering process, the Buyer’s agent:

  • Prepares a competitive market analysis of the property for the buyer
  • Counsels the buyer on what price to offer to the seller
  • Shows what other buyers are paying for property in the area.
  • Assists in writing an offer with the buyer’s interest in mind
  • Negotiates the best price and terms for the buyer
  • Keeps the price capabilities and objectives of the buyer confidential, and maintains anonymity if desired.

 

During the closing process, the Buyer’s agent:

  • Assists with the loan application process
  • Monitors all dates, events and requirements for the buyer
  • Should attend the closing with the buyer.

 

Important Things to Know While Working with a Buyer’s Agent

  • When you hire an agent to help you buy a home, the agent must be working for you — and only for you.
  • The duration of your agreement with the agent is negotiable.
  • Before signing, get answers to all your questions. Be sure you’re comfortable with the agent and that you understand and agree with all the terms of your contract agreement.
  • The contract must have a beginning date, an ending date, and be signed by all parties to the contract.
  • IMPORTANT! A contract signed between you and the agent is legal and binding on all parties.  You must receive a copy at the time that you sign.
  • Don’t sign any blank documents or papers that you don’t understand. Contact an attorney for assistance.
  • Once your contract is signed, your real estate agency may show you some homes of sellers that they represent. If you choose to buy a home from a seller who also happens to be a client of your agency, the agency is obligated to provide both you and the seller with a “Dual Agency Consent Agreement” form for you to sign.
  • Real estate agents and brokers are prohibited from engaging in the practice of law and must not give legal advice.
  • Have a professional home inspection done on any property that you are seriously considering. The home inspector should be someone you choose yourself, not someone chosen by an agent.
  • There is no rule that the seller must accept your offer, nor are there requirements as to which offer or counter-offer the seller must accept. Sellers have the right not to sell if they choose, as long as their intent is not to promote discriminatory practices.
  • Remember, you have the final word on any decision. Don’t let an agent pressure or hurry you into making a choice that you’re not sure about.

Good Luck and Happy home hunting!

Betty Bondi
Bondi Realty Group LLC
203-899-9990

 

 

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