Buyer Information: Buyer Representation | Purchase Procedure | Building Inspectors | Attorneys | Mortgage | Area Hotels
What is buyer representation?
Buyer Representation | Types
of Real Estate Agency Relationships
Why One Agent? | What I Can Offer You
| How To Make First Payment
Buyer Representation
Notice of Availability of Representation
Connecticut State Law (Public Act 96-159) mandates buyer agency when licensed real estate agents negotiate the sale or lease of real property. A signed buyer representation agreement between the buyer and licensed agent (Legal Alert CT Assoc. of Realtors, 4/25/97) must be in place before attempting these negotiations. Please read carefully and call me with any questions you might have. You may also address agency questions to the CT Department of Consumer Protection, real estate division (860-713-6150).
It is William Pitt’s policy to provide you with buyer/tenant representation. Buyer/tenant representation means that a real estate broker or real estate salesperson acts in a fiduciary capacity for the buyer or tenant in a real estate transaction.
When a buyer/tenant engages the services of buyer’s tenant’s agent, the buyer/tenant becomes the buyers’s/tenant’s client. The buyer’s/tenant’s agent owes the buyer/tenant undivided fiduciary obligations, such as: loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability.
The buyer’s/tenant’s agent must put the buyer’s/tenant’s interest first and negotiate for the best terms and conditions for the buyer’s/tenant’s agent’s client. Connecticut law prohibits a real estate broker or salesperson from representing you unless you sign an authorization or agreement to allow the broker or salesperson to act on your behalf. It is illegal for for a salesperson to show you any properties from competing agencies without a signed buyer representation agreement.
Types of Real Estate Agency Relationships
Buyers
Agent
A buyer's agent acts exclusively on behalf of the home buyer
and has fiduciary duties to the buyer, including:
- reasonable skill and care
- undivided loyalty
- confidentiality
- Full disclosure of relevant material information
- honesty
- obedience to lawful instruction
- accountability
- diligence
A buyer's agent represents your best interests in the home buying process. In the event the buyer becomes interested in a property which is listed with the agent's firm, the agent will become a dual agent in that transaction.
Dual Agent
Dual agency arises when an agent representing the buyer shows the buyer properties
which have also been listed with the firm or those properties where the firm
has already been an agent of the seller.
A dual agent owes both the buyer and seller the following:
- fair treatment of both parties
- information that helps both parties make educated choices
- advice and guidance
- a comparable market analysis
- negotiations to mutually agreeable terms and conditions
- confidentiality on each party's price, terms and personal confidences.
Seller's Agent
A seller's agent or listing agent acts on behalf of the seller, and has fiduciary
duties to the seller, just as outlined for buyer's agent above. A seller's
agent may become a dual agent if they are also representing a buyer client
on the subject property.
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Advantages Of Working With One Agent
- You Become Familiar With How The Agent Works And Comfortable With His/Her Style.
- You Can Develop The Rapport Necessary To Communicate Easily.
- You Can Place Confidence In That Agent’s Abilities.
- The Agent Will Understand Your Particular Needs.
-
Your Agent, Knowing That A Good Exclusive Working Relationship Exists,
Can Afford To Make A Commitment In Time And Effort, Because He/She
Can Be Assured Of Effecting A Sale For You!
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What I Can Offer You
- Guidance With Financial Qualifications To Help In Your Decision-Making Process.
- Market Knowledge Of Westport, Weston And Surrounding Areas.
- A Thoughtful Selection Of Properties For Your Consideration.
- A Full Time, Professional Commitment To Finding You The "Right" Home.
- General Information On Westport, Weston, And Surrounding Towns.
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Referrals To Quality Agents In Areas Not Covered By Me.
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How To Come Up With Your First Down Payment
- Save It sounds so simple and it is. Just tell yourself you’re going to put aside a certain amount of income before you spend it on anything else. Then do it!
- Sell Other Assets Maybe you have a boat or some personal property you could sell to raise money. Although it may be hard to part with, this could make the difference in having the home you always wanted.
- Receive A Gift Some buyers are fortunate enough to have parents or other relatives who can help with the downpayment. If so, this is a great advantage in becoming a homeowner.
- Borrow Against Assets If you go to a bank and get a personal loan, that can be considered a liability and will have a negative effect on securing home financing. But if you can borrow money against a 401k plan, a profit sharing plan, a life insurance policy or a savings and investment plan, the amount you borrow will not be considered a liability.
- Apply For A VA Loan If you’re a veteran, you can buy a home with a VA-guaranteed loan. There is no downpayment required.
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