Real Estate 101: Why you should sign a buyer contract
When selling a home, it is common practice to work with an agent. A contract between seller and agent is signed, stating that the seller will work exclusively with that agent to sell the house and in doing so, the agent will abide by a certain code of ethics required by the National Association of Realtors (NAR). The vast majority of sellers choose to work with agents and the few who decide to sell their house on their own eventually realize that working with a real estate agent is the best way to sell their home efficiently and for the most money.
When buying a house, however, many people don’t realize that it is to a buyer’s advantage to also work exclusively with an agent. Once a contract is signed, the agent is bound by the same code of ethics that pertains to the seller/agent relationship mentioned above.
Here is what you'll get from your agent when you sign a contract…
Obedience - The agent must follow the wishes of their client, whether they fully agree with them or not (unless the agent is asked to violate a law).
Loyalty - The agent must always put their client’s best interests first.
Disclosure - The agent must share any information they know that may affect their client in the transaction - good OR bad.
Confidentiality - The agent must never share information with others regarding the client. This agreement is valid even after the transaction is complete.
Accounting - The agent must use proper accounting measures when working with a client. NO Fuzzy math!
Reasonable Care - The agent must do their job with reasonable care. The agent is not an expert on everything home related but the agent can advise on what to do if/when something goes wrong. Ex: You find a huge sinkhole in your backyard. The agent is not expected to diagnose the problem and fix it but the agent can advise you on what to do to get it fixed.
Final Words… signing a buyer contract with an agent does not mean you HAVE to buy something. It just means you have a trusted professional with whom you can rely on to be honest and loyal and who will always have your best interest at heart.
For more info on buyer/seller relationships reach out any time 617-678-0362