Buyer Agent

Richmond Real Estate: Buyer Agent & Agency Law

A Buyer Agent represent the Buyer in a real estate transaction. The process of buying real estate is relatively complex and for this reason many home buyers seek the help and professional expertise of a licensed real estate agent.

When you work with a Buyer Agent, you should have a clear understanding on how your Buyer Agent is paid, and who is paying for his real estate commission. The discussion should include the amount of compensation, sources of payment and when the payment is to be made.

Today, when you are buying a home through a Realtor other than the brokerage listing the property, you may choose to be represented by entering into a buyer-brokerage agreement. If you do not enter into a Buyer Agent agreement, you are a customer of the broker who is then the sub-agent of seller’s broker.

Dual agency & conflict of interest

If you are buying a home directly from the listing brokerage, you may enter into a dual agency with the brokerage when the listing broker may also represent you. Under dual agency arrangement, representation and conflict of interest is a real issue for the Buyer. When a prior relationship has been established by the Seller with the listing brokerage, a Buyer is likely to be in a disadvantage position when buying a home under a dual agency arrangement.

Why use a Buyer Agent?

A Buyer Agent is trained to provide valuable assistance to buyers int he following areas:

1. Identifying desirable types of properties to acquire
2. Locating properties available to view and consider
3. Preliminary investigation and timely information gathering
4. Viewing properties and providing guidance and advice
5. Selecting the right property on which to make an offer
6. Preparing a legally binding Contract of Purchase and Sale
7. Negotiating favourable terms and conditions
8. Assisting in arranging suitable financing if necessary
9. Assisting in arranging property inspections and other needed services
10. Assisting in the completion and possession process

If you have any questions on working with a Buyer Agent, and what your obligations as a buyer, you are welcome to contact me at 604-721-4817, or send me an email.

Return to Homepage.