Buyers Representation is important when you decide to buy a home in Chappaqua NY.Â
NYS has codified your relationship with your Realtor and as a buyer you should make sure you understand it. Knowing your Realtor’s responsibilities to you will make your purchase process go smoothly. Get it right from the start and you will clear up many misunderstandings.
The relationship formed between an agent and a client is a fiduciary relationship because it is based on trust.Â
The agent owes a client:
Loyalty
Diligence
Confidentiality
Reasonable Skill & Care
Obedience
Disclosure
Accountability
Buyer’s Agent
A buyer’s agent is employed to find an acceptable property for a prospective purchaser. The buyer’s agent represents the purchaser in a position of trust and confidence. He or she will negotiate the best possible price and terms for the buyer.
Seller’s Agent
Also know as a listing agent, a seller’s agent works for and represents the seller in a position of trust and confidence. A listing contract spells out the relationship. A seller’s agent negotiates the best possible price and terms for the seller
Disclosed Dual Agency
Dual agency is a relationship in which the agent represents both the buyer and the seller in the same real estate transaction. Since the agent will be in a position of trust and confidence to both buyer and seller, there is the potential for a conflict of interest, especially in negotiating price and terms. New York law requires the buyer and seller to consent to a dual agency relationship in writing.
Designated Agency
To eliminate the potential conflict of interest that arises in disclosed dual agency, New York law allows the sponsoring broker to designate a salesperson to represent the seller and another salesperson to represent the buyer. Each designated salesperson can represent their client, without the potential for a conflict. New York law requires a client to consent to designated agency representation in writing.