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. Most importantly, working with an Exclusive Buyer’s Agent greatly broadens the pool of potential properties for you to choose from.
As your Exclusive Buyer’s Agent, Optima Properties will perform the following services…
- Explain a property’s advantages and disadvantages
- Determine the strengths and weaknesses of the community
- Research a property’s history on the market
- Develop a Comparative Market Analysis
- Negotiate with the seller and the seller’s agent for the best price
- Manage the process through closing and relocation
- REPRESENT YOUR INTERESTS 100%
As for a fee, you don’t pay one. We receive a proportioned commission that is built in to the selling price shared amongst both the seller’s and buyer’s agents. If we are not involved as your agent, the seller’s agent gets the entire commission and works to get the highest price for the seller.
Exclusive Buyer’s Agents give buyers their undivided loyalty. Most real estate agents and buyer’s agents work in traditional brokerages that take listings. Because of that, they have an inventory that they must sell. In addition, if that brokerage brings both the buyer and the seller into the transaction, they get to keep the entire commission, making the transaction more profitable. These can be strong incentives to steer a buyer to one of their own listings. It also means that their buyer loses many of the benefits of hiring a real estate agent including negotiating on his behalf as well as the agent’s ability to point out reasons why the buyer might not want to purchase that particular property. Since Exclusive Buyer’s Agents must work in a brokerage that only works with buyers and never takes listings, a buyer can rest assured that the EBA will remain on their side throughout the entire transaction, getting the buyer the lowest price and the best terms possible.
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.
- An Exclusive Buyer’s Agent will disclose that he/she is a Buyer Agent and define his/her agency relationship to a prospective Buyer-Client. An Exclusive Buyer’s Agent will explain how different agency relationships may affect the level and type of service a Buyer-Client may receive from a real estate agent.
- Before entering into an agreement with a Buyer-Client, an Exclusive Buyer’s Agent will determine if any conflict of interest may exist on his/her own part or that of a Buyer-Client. If a conflict should occur, a Buyer Agent should be precluded from representing a Buyer-Client, who should have the option of seeking representation elsewhere.
- An Exclusive Buyer’s Agent will provide a copy of these professional Standards and answer any questions a Buyer-Client may have about them.
- An Exclusive Buyer’s Agent will make him/herself available to his/her Buyer-Client in a timely manner.
- An Exclusive Buyer’s Agent will pledge absolute confidentiality to a Buyer-Client when representing him/her, thereby protecting that Buyer-Client’s ability to negotiate all aspects of the transaction.
- An Exclusive Buyer’s Agent will counsel a Buyer-Client regarding his/her financial qualifications and will assist that Buyer-Client in seeking and working with mortgage lenders. An EBAt will not steer his/her Buyer-Client to any one lender but instead will assist him/her in evaluating interest rates and closing costs.
- An Exclusive Buyer’s Agent will discuss objectives and preferences in property styles, age, floor plans, and so forth with a Buyer-Client, then develop from this information a target property profile for him/her.
- Based upon the target property profile, an Exclusive Buyer’s Agent and his/her Buyer-Client will determine the appropriate level of property preview services to be provided.
- With a Buyer-Client’s target property profile in mind, a Buyer Agent will search the real estate market, including properties for sale by owners and builders, to locate properties to show that Buyer-Client.
- An Exclusive Buyer’s Agent will discuss and evaluate the properties viewed with his/her Buyer-Client, comparing each property shown with the target property profile.
- Before preparing an offer to purchase, an Exclusive Buyer’s Agent will inform a Buyer-Client about any defects or problems he/she has observed or in any way discovered regarding the target property.
- Before preparing a contract offer on behalf of his/her Buyer-Client, an Exclusive Buyer’s Agent will prepare a comparative market analysis, including explanations and documentation, to determine the target property’s market value. A Buyer Agent will not prepare an offer to purchase a property he/she has not seen.
- Before a Buyer-Client signs an offer to purchase, a Buyer Agent will provide that Buyer-Client with an estimate of closing costs and, whenever possible, with the truth-in-lending estimate provided by the mortgage company.
- An Exclusive Buyer’s Agent will counsel his/her Buyer-Client and explain the choices available in completing a real estate contract. This real estate counseling is based upon a Buyer Agent’s experience in negotiation and real estate business decisions and is not legal advice. Legal matters should be identified and a Buyer-Client advised to seek legal counsel where appropriate.
- Whenever possible, an Exclusive Buyer’s Agent will prepare the contract offer on a form which has been designed to protect a Buyer-Client’s interest. A Buyer Agent will provide proper disclosures regarding agency representation and other matters as required by law.
- An Exclusive Buyer’s Agent will develop contract negotiation strategies with his/her Buyer-Client, establishing pre-set limits on key points of negotiation when that Buyer-Client wishes to do so. A Buyer Agent will actively negotiate only on behalf of his/her Buyer-Client.
- Before submitting a contract offer to a Seller, an Exclusive Buyer’s Agent will counsel his/her Buyer-Client regarding the time requirements specified in the contract and will encourage that Buyer-Client to have professional inspectors inspect the property if the contract is accepted.
- An Exclusive Buyer’s Agentwill counsel a Buyer-Client regarding the types of home inspectors, the suggested criteria for selecting home inspectors, and the comparative costs of inspection services. A Buyer-Client will select real estate inspectors. A Buyer Agent will encourage his/her Buyer-Client to be present during inspections.
- An Exclusive Buyer’s Agent will notify a Seller or a Seller’s Agent in writing of inspectors’ findings and of corrections/repairs mandated by a Buyer-Client. A Buyer Agent will specify a Buyer-Client’s desire to proceed or cancel the purchase contract whenever such notification is required.
- An Exclusive Buyer’s Agent will maintain contact with a Buyer-Client’s title company and mortgage company to make sure that his/her Buyer-Client’s interests are being protected.
- An Exclusive Buyer’s Agentwill review a settlement statement with his/her Buyer-Client at or before closing, if possible.
- An Exclusive Buyer’s Agent will accompany a Buyer-Client on a property walk-through before closing.
- An Exclusive Buyer’s Agent will attend a closing with a Buyer-Client. A Buyer Agent should be prepared to support his/her Buyer-Client’s position at closing.
- An Exclusive Buyer’s Agentwill keep records of transactions for a reasonable period of time and will provide this information to a Buyer-Client on request.
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.