Choosing a Real Estate Agent to help me buy a house.

Posted: February 1, 2013 in about staten island, Uncategorized
Tags: ,

Choosing a Real Estate Agent to help me buy a house.

Agency Disclosure;  There are two basic types of agency relationships that buyers need to know about when looking to buy a house. In New York State, the DOS, (Department of State Division of Licensing Services) require that all agents disclose this to buyers upon first initial meeting.

To quote the record, from DOS 1736 (11/06)…

.Buyer’s Agent

A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interest.  The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer.  A buyer’s agent has, without limitation, the following fiduciary duties to the buyer;  reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account.  A buyer’s agent does not represent the interest of the seller.  The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer.  In dealings with the seller, a 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.

Seller’s Agent

A seller’s agent is an agent who is engaged by a seller to represent the seller’s interest.  The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller.  A seller’s agent has, without limitation, the following fiduciary duties to the seller;  reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account.  A seller’s agent does not represent the interest of the buyer.  The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller.  In dealings with the buyer, a seller’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 value or desirability of property, except as otherwise provided by law.  (End of quote from DOS)

So, buyers should understand the difference.  Is your agent working for the seller or you?

Don’t be afraid to ask the agent you are going to work with, to explain the difference.  In Staten Island, most agents helping buyers find a house, are working for the seller.

If I can have the loyalty of the buyer, I mush rather work as a Buyer’s Agent.  I believe I can better serve the client that way.

Can I help you find the home of your dreams?  Let’s have a chat, and find out if we make a good match to work together.  Call me at 917-696-0275

Meanwhile check out my website for great information buyers need to know about owning a house.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s