What is a Buyers Agent?
A licenced real estate professional who is educated, experienced and ethical. We buy properties on behalf of you our client. We work for you, are paid by you and receive no money from sellers or their agents. A buyer’s agent specialises in locating and negotiating the purchase of a property on behalf of the buyer. They also conduct background checks on the property and area to ensure buyers pay the fairest price to their advantage. To be truly working in the buyer’s best interests a Buyers Agent must be appointed in writing using a PAMD Form 22a and paid a fee for their services. Licenced Buyers Agents like Lillyness must comply with the Property Agents & Motor Dealers Act, which protects property buyers from dubious practices.
Agency is all the buzz these days on Martha’s Vineyard. For years, the consumer has been lead to believe “My Realtor is my best friend”. I feel this statement has been rather misleading. For one thing the term REALTOR® applies to a designation given to a real estate professional who agrees to adhere to adhere to a strict Code of Ethics. Many a time consumers have purchased property on Martha’s Vineyard only to learn after the fact that they did not get the best deal. This is because prior to mandatory disclosure the agent working with the buyer was the seller’s fiduciary, not the buyer’s. The National Association of Realtors (NAR) and the Massachusetts Board of Registration of Real Estate Brokers and Salespersons set out in the mid-80’s to correct this misconception and in 1990 implemented the Mandatory Agency Disclosure – Agency Relationship Form-705 as a way to ensure that there is no misunderstanding. The agent you select when you want to explore purchasing a property is required by
On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to as the buyer’s agent, because he works on the buyer’s behalf and it is easier than explaining each time that the “selling agent” is not the listing agent and is actually the buyer’s agent. An agent hired by buyers to help them find and negotiate the purchase of a home. This agent works for the best interests of the buyers, not the sellers.
When a buyer engages the services of a real estate buyer’s agent, then the buyer becomes that agent’s client. This means the agent represents the buyer. The buyer’s agent owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. The buyer’s agent must put the buyer’s interest first and negotiate for the best price and terms for his/her client, the buyer. Having said all of this, in the event a non-exclusive buyer’s agent transitions to Disclosed Dual Agent or Designated Agent status, I cannot believe it is possible to maintain a neutral unbiased relationship where confidential information already disclosed will be safe-guarded. This will be further explained as you read on.
A Buyer’s Agent is a licensed Realtor who works exclusively on behalf of individuals who are seeking to find a home to purchase. By law, a Buyer’s Agent has a fiduciary obligation to a Buyer he/she represents. Fiduciary responsibilities include: • the Agent’s commitment to 100% loyalty to the Buyer, • protection and promotion of the Buyer’s best interests, • keeping confidential Buyer’s personal or financial information, • negotiating for the best price and terms on Buyer’s behalf, and • providing his/her best advice regarding matters affecting the purchase of property.
