Hiring a Buyer's Agent for My Cape Cod Real Estate Purchase ~ by Nichole R. Willey, Your Cape Cod Real Estate Specialist
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Making a real estate purchase is a big decision, and an even bigger commitment. For most of us it is the biggest one we will make in our lifetime. Between scheduling appointments and going to look at houses, making offers, negotiating the offers, scheduling home inspections, attending home inspections, closing and moving out of one place and into the new one, there is a lot to do! And yet many people still do not hire a real estate professional to assist them. It is tough to manage along with working full-time and other responsibilities. Looking for a home on Cape Cod? Start here... www.findcapecodhomesnow.com.
So, just what is involved in a home purchase and why do buyers need a Buyer's Agent to represent them? Buyer's representation is usually free - for the buyer. Their commission is paid by a split of what the sellers pay the listing agent. A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer. Sounds good, right? The agent is working for the buyer and is legally responsible for representing the buyer's interests throughout the transaction.
Looking to sell your Cape Cod home? More info here... Now what is a listing or seller's agent? A Seller’s Agent is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.
So, as a buyer, if you go directly to the selling agent for your purchase, you are entitled to fair and honest treatment as defined by Massachusetts state law, however you are entering into the transaction with no representation and working with an agent who is legally bound to look out for the interests of their listing client. The listing agent will negotiate on behalf of their listing client. How does that benefit you, the buyer?
The Home Buying Process ~
For a great run-down on the home buying process check out this blog entry on About.com...Home Buying Path A to Z The Complete Home Buying Process
Whether it is to buy a dream home on Cape Cod, invest in Cape Cod Real Estate, or sell your property on the Cape, Nichole R. Willey is a specialist that will help you get to the closing table.