In today’s busy, complex world, purchasing a home can be a lot more time-consuming and complicated than other business transactions. First-time buyers, especially, quickly discover that there’s a lot more to buying real estate, than deciding what vacation to take or what car or suit to buy.
Using a Realtor from the start can provide you with the sound , effective advice and professional services you need to get the best deal possible. Once a Realtor has a clear understanding of what you want and what you can afford, their knowledge can save you a lot of time looking at homes that aren’t right for you.
There was a time when the Realtor was automatically working for the Seller however, this wasn't always clear to the Purchaser. Buyer agency creates a clear relationship with the Buyer ensuring that the Realtor is working primarily for the Buyer. In this contract it is clear what services the Realtor will provide the Buyer and who is paying for those services ( in most cases this is still the Seller ) and what obligations the Buyer will have. A typical Buyer's agency agreement will commit a buyer to work exclusively with that Realtor for a period of time. Without a Buyer's agency agreement there is no obligation for the Realtor to provide any information beyond the basics. You as a Buyer want to know as much as you can in order to make a sound buying decision. Most Realtors today will not provide information or show properties without a Buyer's agency agreement.
Even in the case when the Realtor is the Selling agent a Buyer's agency agreement will still ensure you receive all non confidential information about the property. This is known as Dual Agency.
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