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Buying A Home
BUYER AGENCY
UNDERSTANDING THE PROCESS
* Effective July 1, 2000 STATE OF GEORGIA law prohibits Broker from representing Buyer as a client without first entering into a written agreement under O.C.G.A § 10-6A et. seq.*
AGENCY LAW - WHO REPRESENTS WHOM?**
In a routine real estate transaction, usually the real estate agents represented the party who has signed an agreement with them to market their home, i.e. the seller. It is important that you realize, as a purchaser of real estate, that times have changed. REALTORS
â can now legally represent the buyer. REALTORSâ have a responsibility to you to be honest and ethical in presenting property to you and are required to divulge ALL KNOWN in a seller's property disclosure. This is a list of facts and defects about a property in order for you to make an intelligent buying decision. However, at no time can they give you any information detrimental to the seller, and they must pass on to the seller any information they have about you, such as your willingness to pay more for a property than your offer indicates. So why is this important? A seller disclosure statement is an important tool for the buyer and the seller. It brings to all concerned parties a clearer picture of the home and a more accurate expectation level for the buyer.An example: If the basement or a roof leaks, the buyer will know that this will need to be attended to before finishing off that family room downstairs or repainting the bedrooms. And if the furnace, air conditioner or hot water heater are old, but in working order, you will be prepared for its replacement when the time comes.
Sometimes the current owner may not know a property’s condition, especially if the property has been a rental. Be sure to review disclosures with your agent carefully and ask all the questions you have until you feel comfortable. Do not be afraid to ask for a professional to further examine our options
However, you may also enter into a written agreement with the Agent to have him or her act on your behalf. This is called Buyer Agency or buyer representation. Jim and Ellen can guide you through the maze of questions and issues that will arise, and as buyers agents will work on your behalf to resolve them or clarify.
Ellen and I choose to offer Buyer Representation, and will specifically represent you, as our client, in the buying process, if you wish. As members of the Real Estate Buyer’s Agent Council (REBAC), we’re skilled in providing excellent representation for buyers. The law requires that we have a written agreement, stating our mutual obligations. Under such an agreement, we have a legal duty to divulge to all parties that we are working under a "buyer agency" agreement. Under such an agreement, your interests will be represented. Costs are typically paid from the sellers’ funds at closing. A retainer fee is usually charged, which is credited to your costs at closing.
BUYER-CLIENT SERVICES
AS BUYER AGENTS WE WILL:
1. Meet with buyer to determine specific housing needs and budget.
2. Provide mortgage qualification assistance to facilitate the mortgage application process.
3. Conduct on-going search of housing availability, through the Multiple Listing Service.
4. Contact "For Sale By Owners" and builders as appropriate on your behalf if necessary.
5. Schedule appointments and accompany buyer on all property showings.
6. Complete a comparative market analysis (CMA) on any home selected for purchase.
7. Assist buyer in structuring a Purchase Offer and represent buyer’s interests in all negotiations with the seller, maintaining absolute confidentiality.
8. Schedule appointments to provide access to the property for inspectors, appraisers, repairs etc.
9. Closely follow the closing process, from contract to closing to ensure that all necessary documentation is completed and available before closing date.
10. Provide a free Relocation Package if required.
11. Follow client’s instructions regarding any transaction, providing such instructions are legal and ethical, and maintain client’s confidentiality.
12. Disclose all known facts.
jimandellen@mindspring.com