Exclusive Buyer Agency Duties

An Exclusive Buyer’s Agent is focused on representing the buyer and only the buyer. We sit on one side of the table…yours.

Principles That Buyers Can Count On

The National Association of Exclusive Buyer’s Agents (NAEBA) is an independent alliance of real estate professionals who provide client-level services and whose real estate companies do not accept seller-property listings. We, the members of this Association, set forth the following principles as the minimum professional standards, which will guide us in serving our Buyer-Clients. An Exclusive Buyer Agency relationship requires that we operate according to these fundamental commitments. The essence of Exclusive Buyer’s Agency practice is undivided loyalty to our Buyer-Clients. We recognize that it is our duty as real estate professionals to serve our clients with fidelity to these Standards of Practice. We also pledge to adhere to the Code of Ethics established by this Association.

WHY USE A CERTIFIED EXCLUSIVE BUYER AGENT (CEBA)

Optima Properties Top 100 EXCLUSIVE BUYER AGENT Services

No list is all-inclusive, especially when you are a “full-service brokerage.”

A:  Pre-Offer to Purchase

1. OWE THE BUYER A FIDUCIARY DUTY!
2. Make a virtual or in-person appointment with Buyer to understand their criteria, goals, and timeframe for purchase and provide advice.
3. Explain Exclusive Buyer Broker (EBA) relationship versus Transactional Brokerage. Review CEBA’S credentials (Certified Exclusive Buyer Agent) and accomplishments, testimonials, and provide list of referrals.
4. Explain the home buying process, prepare Exclusive Buyer Agreement with scope of work defined and compensation agreed to Buyer for review and signature.
5. Provide list of preferred lenders and mortgage brokers and assist with mortgage pre-approval process.
6. Review Pro and Cons of homes, communities, neighborhoods and more in advance of selecting properties and scheduling showings.
7. Discuss schools, religious institutions, zoning, locations and more in understanding of areas that best suit client needs and wishes.
8. Establish personalized web portal for prospective properties and adjust as criteria become more defined.
9. Propose properties and communities for consideration.
10. Provide “Grand Tours” for buyers new to area to better define their preferences and priorities.
11. Canvas database of contacts and resources for off-market properties, For Sale By Owners (FSBO) properties, foreclosures and new construction opportunities.
12. Coordinate dates and times to view selected properties most convenient for Buyer.
13. Schedule showings, provide details to buyers along with access instructions to properties in gated communities, and confirm showings day before.
14. Provide in-person assessments of property’s condition, concerns, issues for securing financing, pricing, etc., during showings.
15. Arrange to tour clubhouses and other community amenities.
16. Develop Comparative Market Analysis (CMA) to determine market valuation of property to enable Buyer to make an informed offer.
17. Provide tutorial on Florida property insurance and calculations.
18. New Construction- arrange for lot hold and contract for review. Review timing for all action items.
19. Keep all buyer communication and details in strict confidence. Only an EBA owes you a fiduciary responsibility.
20. Request Sellers Disclosure and review for any red flags.
21. Request HOA Rules and Regulations, if applicable, from listing agent or HOA to review in advance of offer.
    

B:  Offer to Purchase

22. Schedule strategy call or meeting on offer price and terms.
23. prepare Offer and send for signature. Includes modifications and additional language to standard FAR/BAR contract to the advantage of the Buyer.
24. Present offer with narrative supporting offer price to listing agent/seller.
25. Negotiate offer and terms for Buyer’s best interest…. not in the interest of the “deal”.
26. Develop revised Offer to Purchase with negotiated terms and conditions and send for signatures.
27. Deliver fully executed Contract to Buyer, listing agent/and or Seller, title company, lender, and any retained attorneys.

C:  Contingent Contract Period

28. Develop Critical Dates Timeline for Buyers.
29. Secure wiring instructions, track deposits, and send Deposit Confirmation Letters to Listing agent/Seller, lender, and title company.
30. Advise and assist Buyer with loan application and lender selection. Review good faith estimates and discuss financing options.
31. Secure HOA documents, financials, and application for Buyer review and processing. Advise on any issues with financial health of community and risks for future assessments.
32. Schedule all inspections to include, but not limited to, home inspection, wood destroying organism (WDO) inspection, pool inspection, seawall and dock inspection, plumbing inspection, well flow testing, mold inspections, septic inspection, wind mitigation inspection, 4-point inspection.
33. Attend all inspections.
34. Review home inspection report and advise Buyers on advisability of canceling contract or continuing to negotiate repairs and credits.
35. Arrange for and secure repair estimates for Buyers.
36. Schedule call or meeting to review all Inspection reports and develop strategy for Buyer requests for repairs and credits.
37. Negotiate repairs and credits and prepare additional addenda. Circulate addendum for signatures.
38. Send execute addendum to listing agent/and or Seller, Title Company, lender, and any retained attorneys.
39. Provide Buyers with Moving Day Countdown list and list of preferred movers.
40. Secure permit search and advise on any issues with open, expired permits, or un-permitted work.
41. Draft addenda as needed, secure signatures and send to all parties.
42. Track HOA approval process.
43. New Construction- visit job site periodically and send photos of progress or coordinate the taking of photos for Buyer’s benefit.
44. Arrange for surveys, elevations certificates, and appraisals and coordinate access to property.
45. Monitor all changes of property status in MLS to ensure timely and accurate.
46. Coordinate re-inspection of repairs if needed to obtain updated Wind Mitigation and 4-point reports. Provide inspection company with all documentation, photos, etc.
47. Remind Buyers of all critical dates to ensure compliance with contractual obligation.
48. Inform listing agent and title company of all monies in transit and received.
49. Continuous coordination with lender and responding to all requests for deliverables.
50. New Construction- attend all design meetings and advise on best choices for future resale, livability, and design trends.
51. Follow up on appraisal and loan commitment.
52. Assist with challenging appraisal if too low.
53. Provide loan commitment to Listing Agent/Seller
    

C:  Pending Contract Period:

54. Resolve with listing agent/seller any estoppel issues.
55. New Construction- attend pre-drywall walk-through.
56. Obtain HOA Approval and provide to Title Company for recording with deed.
57. Provide list of insurance providers and assist with review and selection of homeowners and wind insurance.
58. New Construction- coordinate with sales office, design office and construction manager as needed on Buyer’s behalf.
59. Assist with resolving and title issues. Confirm exceptions made to Title Policy.
60. Determine if closing will be in-person or a mail away. If mail away, arrange for mobile notary if not a cash purchase.
61. Coordinate with lender loan package arriving day before closing for mobile notary.
62. Provide buyer with all documentation in electronic form for record keeping.
63. Coordinate closing process with listing agent/seller.
64. Obtain receipts, permits, reports and more per negotiated addenda and verify all payments have been made in full and cleared by Seller.
65. Send list and instructions for transferring and starting up utilities, cable, Internet, etc.
66. Provide list of preferred service providers, important area phone numbers, and more.
67. Arrange access to property for Buyers and vendors to take measurements, get quotes for post-closing services, etc. Attend all buyer access to property if required.
68. Send to Do Before Closing instructions.
69. Obtain vendor lists from seller/listing agent for buyers.
70. Confirm Homeowners insurance is bound and in place on day of Closing.
71. Schedule walk-through inspection and closing and confirm location within County of purchase.
72. Confirm title Insurance commitment.
73. Review drafts of ALTA statements and approve.
74. Advise on funds to close and coordinate wire.
75. Attend walk-through inspection and inspect property for required repairs and to ensure that everything is as it was on day of Contract.
76. Negotiate credits or escrows at Closing if issues at walk-through.
77. Ensure drafting of appropriate addenda or agreements and securing signatures in advance of closing and disbursing funds
78. Secure copies of all home warranties, instruction manuals, etc.
79. Assure all smart home accounts in Sellers names be disconnected.
80. Secure instructions for activation of smart home devices and operation
81. Secure code for all keyed locks and remote garage
82. Obtain keys, garage door openers, fobs, et. al from listing agent/Seller or coordinate delivery to Title Company.
83. Coordinate re-signing of ALTA and all newly generated documents for Closing
84. Provide Clear to Close to Title Company or Buyer attorney.
85. Attend Closing
86. If mail away, coordinate receipt of keys and more via FedEx, UPS, or other method designated by Buyer.
87. Arrange with Listing agent/Seller to provide access to property post-Closing on that day.
88. Arrange with Listing Agent/Seller for water to remain under Seller’s name through day of closing.

E:  Post Closing:

89. Assure that Closing Statement and Warranty Deed are provided to Buyer immediately following Closing.
90. Assure all lock boxes and signage have been removed from property.
91. Confirm Closing package with hard copy survey sent to Buyer.
92. Arrange for locksmith the change locks and re-key property.
93. Reminder to transfer home warranties.
94. Follow up on move.
95. Send To Do After Closing instructions.
96. Confirm Title Policy received within 30 days.
97. Send home maintenance checklist after 6 months.
98. Continue to advise monthly on real estate market and homebuyer advise.
99. Remind in January following closing to file for Homestead Exemption
100. Maintain electronic and hard-copy records of transaction for up to 5 years if needed in future.

These Standards of Practice establish obligations that include all those consistent with the “Common Law of Agency” and are considered to be client-level, not customer-level, services. These obligations are, in many instances, higher than those mandated by law. If there is any case where the law requires a greater obligation than these Standards of Practice, then the requirements of the law must be followed. It is the duty of each individual Exclusive Buyer Agent to make himself or herself aware of the laws which may affect him or her.