Buyer's Agent

Takeaways

• A buyer's agent must be a licensed real estate agent

• A buyer's agent is a fidiciary, working in the buyers best interest

Important Things to Know While Working with a Buyer's Agent

• When you hire an agent to help you purchase a home, the agent must be working for you -- and only for you.
• Every real estate agent's commission is negotiable. There is no set percentage or commission to which an agent is entitled.
  • Before signing the contract, you can ask the agent to take a smaller commission than what he or she proposed. The agent is free to accept or decline your offer.

Buyer's agent vs. listing agent: What's the difference?

Buyer's agents are legally bound to help buyers, whereas listing agents - the real estate agent representing the home listing - have a fiduciary duty to the home seller.

Definition of Buyer's Agent A buyer's agent is a licensed real estate agent who represents the buyer in a transaction. The buyer's agent has authority to act on behalf of the buyer in negotiating a Purchase and Sale Agreement with the seller's agent.

You may hear real estate agents refer to the buyer's agent as the "selling agent," which should not be confused with "seller's agent." In the real estate community, the buyer's agent is referred to as the "selling agent" and the seller's agent is referred to as the "listing agent." "Selling agent" is a term used to track a real estate transaction's progress in the Multiple Listing Service (MLS). Learn more about the differences between a real estate agent, REALTOR®, broker, and real estate lawyer.

The agent/buyer contract

Once you agree to work with someone, you will have to sign a contract called an "exclusive buyer agency agreement," outlining the agent's services and compensation.

This contract also means that this person will be your sole representative and that you won't work with other buyer's agents.