subject: What You Should Understand About The Roles Of Agents On Both Sides Of A Real Estate Transaction [print this page] If you are a novice home purchaser then you may not be aware of many of the nuances which go into the home buying process. There are legal obligations between the agents of the buyer and those of the seller. The home buyers often make other mistakes such as improper bidding practices. There are three tips you should know, as a home buyer, if you want to purchase your new home in as smooth a manner as possible.
One of the things which many home buyers are not aware of is the fact that, usually, the buyer's agen has a legal obligation to the home seller. This is because the commission is paid by the seller.. Since the buyer's agent is a sub-agent of the seller's agent, the home buyer's agent must disclose information to the seller even though he or she is representing the buyer. Most home buyers do not realize this!. This means if you make an offer, but disclose to your agent you would be willing to pay more if the offer is rejected, then your agent must reveal this information to the seller if asked.
Several states now allow the option for buyer's agents to work only for you and not have any responsibility to the seller's agent. This is called a "buyer agency.". It is to your advantage to ask the agent to act as a buyer's agent to be your advocate, especially if you are a first-time buyer. Remember to be careful if you are working with an agent who is a "sub-agent." Never reveal information to any "sub-agent" if you want to keep the information from the home seller and his/her agent.
Another thing to understand is that you should make a reasonable offer on the house you want. The buyer may not make more than one counter offer. Be certain that you understand all the items included in the sale. Items that are permanent attachments are usually included in the sale of a house, but occasionally there may be exceptions. As an example, make sure that you spell out which kitchen appliances you want to be included in the transaction. Have your agent help you with any checklist of appliances and any other items which are not permanent fixtures in the home. You may assume an antique chandelier is included, while the sellers plan to take the chandelier to their new home. By spelling out all specifics in the contract, last-minute haggling can be avoided, and closings can proceed as planned.
Following these suggestions should give you reassurance that you will have a smooth process on buying your first home. Additionally, you will have documentation about the items included in the transaction. This means you can have greater reassurance from a legal standpoint. Hopefully what you learned will give you a better education on the home buying process and give you increased chances of enjoying your new home for a long time to come.
What You Should Understand About The Roles Of Agents On Both Sides Of A Real Estate Transaction
