Benefits of Buyer Agency
Seller generally pays all commissions
Buyer receives the benefits of representation at no extra cost
Loyalty
The real estate agent must act in the best interest of the buyer
Obedience
Must follow buyers lawful instructions
Disclosure of all Material Facts
Examples but not limited to:
Relationships between agent and other parties
Existence of other offers
Status of earnest money
Sellers financial condition
Propertys true worth
Commission split with other brokers
Legal effect of important contract provisions
Confidentiality
Any discussions, facts or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties
Accounting in Dealings
Reporting of where any money placed in the hands of the broker is kept
Reasonable Skill and Care
Arriving at a reasonable purchase price and advising buyer of such
Affirmatively discovering material facts and disclosing them to the buyer
Investigating the material facts related to the sale
