What is a Buyer's Representative?
Defined most simply, a buyer's representative (or buyer's agent) is an advocate for the buyer, NOT the seller, in a real estate transaction. Buyer's representatives owe full fiduciary duties, including loyalty and confidentiality, to their buyer clients and must keep their best interests in mind through the entire transaction.
How do I choose a qualified Buyer's Representative?
To ensure that your are working with a qualified buyer's representative, be sure to work with a Realtor who also holds the designation of Accredited Buyer's Representative (ABR). And, you and the buyer's representative should sign a written buyer representation agreement (Exclusive Right To Buy) that defines your buyer representative's responsibilities and obligations, and yours also.
How is my Buyer's Representative compensated?
99% of the time, buyer's representatives are compensated from the commission sellers pay their lisiting agents, usually based on the selling price of the property. Typically, the listing agent (seller's agent) has agreed to share their fee with the buyer's representative involved in the transaction. You should discuss compensation with your buyer's representative, up front, and a written buyer representation agreement should include the terms of compensation.