Buyer agency is the practice of real estate broker (and their agents) in the United States and Canada representing a buyer in a real estate transaction rather than, by default, representing the seller either directly or as a sub-agent.
In most US states and Canadian provinces, until the 1990s, buyers who worked with an agent of a real estate broker in finding a house were customers of the brokerage, since, by most common law of most provinces at the time, the broker represented only sellers since it was the seller who paid the buyers agent. It is only since the early 1990s that British Columbia passed statute law to create buyers’ agency.
Buyer agency can exist exclusively (where a brokerage firm chooses to only represent buyers and never sellers, as an Exclusive Buyers Agent) or, in a full service company, by offering buyer agency to buyers who become clients. Buyers would have to agree to some form of dual agency in the event that they wished to buy a home which that company has listed for sale and for which it represents the seller.
Today, if the buyer is working with a broker other than the brokerage which “lists” the property, he may choose to enter into a buyer-brokerage agreement to be represented. (In some cases where duel agency is permitted by law, even the listing broker may represent the buyer). British Columbia is one such province.
As a Buyer’s Agent, what I will do for you.
I provide you with FULL ACCESS to this site which will be a big benefit to both of us as it allows me to share all the tools of my business.
It will be my responsibility to represent the sole interests of you, the buyer. This includes searching for a home, negotiating the best price, and handling all the details of the purchased property. And as your Buyer’s Agent, I provide you with information on all contracts and personal access to confidential MLS® information via my website. Plus, I will:
1. Provide you with information regarding all properties:
Listed with our Real Estate Board on line at your convenience, including bank sales, For Sale by Owner, and expired listings.
Through a special program I can make available to you automatically, complete, daily searches of homes appropriate to your needs and budget INCLUDING, Instant Notification On All New Properties
Complete access to all secure areas of our site
I will set up appointments and take you to see all properties that you feel are appropriate to your needs.
2. Assist you, upon request, in obtaining the best available services, including but not limited to:
Lawyers
Mortgages
Building inspectors and appraisers
Movers
Surveyors
3. Advise prospective sellers or their brokerages that I’m representing and negotiating on behalf of you the buyer.
4. At all times, demonstrate accomplished, professional conduct for the most pleasant real estate experience.
5. Exercise fiduciary duties in favor of the buyers, including loyalty, obedience, competence, confidentiality, accountability and disclosure, (unless limited by the acknowledgement of ‘Dual Agency as explained above.)
6. I will not disclose your identity to perspective sellers if instructed to do so.
7. Disclose the total amount of my fees.
Here’s the good news. Although I use an Exclusive Buyers Contract, the services of a buyer’s agent are most often free to the buyer as the buyer’s agent is normally paid by the seller’s agent (i.e. the company with the listing of the home being sold). In this typical real estate transaction there is no cost to the buyer for realtor services.
Should the commission not be paid by the listing agreement, it will let you know well in advance of getting involved in any transaction and there will be no surprises.
