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.
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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.
- 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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