What is a Buyer’s Agent?
The concept of a Buyer’s Agent is relatively new, and was developed to better represent the buyer in the purchase process. It is defined and regulated by the New York State Department of State. As REALTORS®, we are trained to understand the legal distinctions between a buyer and seller agent, and our Code of Ethics strongly enforces proper behavior regarding representation.
Before you enter into a discussion with a real estate agent, you should understand what type of agency relationship you wish to have with that agent.
Simply put, as a buyer’s agent I work for you, not the seller. My job is to get you the best value (price, terms, conditions) for the property you desire. The seller’s (or listing) agent works for the seller, and wants to get the highest price and best terms for his/her client. If you choose to work directly with the agent listing a house, you are not using a buyer’s agent, and therefore are not represented properly. The seller’s agent works for the seller and cannot act in your best interest.
BUYER’S AGENT (as defined by the New York Dept of State):
A buyer’s agent acts solely on behalf of the buyer, and has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and a duty to account. In dealings with the seller, the 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.
Learn more about a seller’s agent here