A
real estate broker who becomes an agent of a seller or buyer is
deemed to be a fiduciary. Other examples of fiduciaries
are trustees, executors, and guardians.
As
a fiduciary, a real estate broker is held by law to owe specific
duties to his/her principal (the person who they are
representing), in addition to duties or obligations set
forth in a listing agreement, buyer representation agreement, or
other contract of employment. Subagents of the broker also owe
the same fiduciary duties to the broker's principal. These
specific fiduciary duties include:
·
Loyalty
·
Obedience
·
Disclosure
·
Confidentiality
·
Reasonable care and diligence
·
Accounting
Loyalty
One of the most fundamental fiduciary duties an agent owes to
the principal. The duty obligates a real estate broker to act at
all times, solely in the best interests of the principal,
excluding all other interests, including that of the broker.
An
example of breach of loyalty is when a broker purchases a
property listed with his/her firm, and immediately resells it at
a profit. Such conduct is usually considered appropriate and
lawful by persons who act at arms length, but a fiduciary would
be considered to have stolen an opportunity for profit that
rightfully belongs to the principal.
Obedience
An agent is obligated to promptly and efficiently obey all
lawful instructions of his/her principal that conform to the
purpose of the agency relationship. However, the duty does not
include an obligation to obey unlawful instructions, such as
instructions to not market a property to minorities or to
misrepresent the condition of a property.
Disclosure
An agent must disclose to the principal all known relevant and
material information that pertains to the scope of the agency.
The duty includes any facts affecting the value or desirability
of the property, as well as any other relevant information
pertaining to the transaction, such as the other party's
bargaining position, the identity of all potential purchasers,
information concerning the ability or willingness of the buyer
to offer a higher price, any intent to subdivide or resell the
property for a profit.
An agent's duty of disclosure to his/her principal must not be
confused with a real estate broker's duty to disclose any known
material facts about the property value to non-principals. The
duty to disclose known material facts is based on a real estate
broker's duty to treat all persons honestly. The duty of honesty
does not depend on the existence of an agency relationship.
Confidentiality
An agent is obligated to safeguard his/her principal's lawful
confidences and secrets. Therefore, a real estate broker must
keep confidential any information that may weaken a principal's
bargaining position. The duty of confidentiality precludes a
broker who represents a seller from disclosing to a buyer that
the seller can, or must, sell a property below the listed price.
Conversely, a broker who represents a buyer is prohibited from
disclosing to a seller that the buyer can, or will, pay more
than what has been offered for a property.
The duty of confidentiality does not include an obligation by a
broker who represents a seller to withhold known material facts
about the condition of the seller's property from the buyer, or
to misrepresent the property's condition. To do so constitutes
misrepresentation and imposes liability on both the broker and
the seller.
Reasonable care and diligence
An agent is obligated to use reasonable care and diligence when
pursuing the principal's affairs. The standard of care expected
of a buyer's or seller's real estate broker is that of a
competent real estate professional. By reason of his/her
license, a broker is considered to have skill and expertise in
real estate matters superior to that of the average person.
As an agent who represents others in their real estate dealings,
a broker or salesperson is under a duty to use superior skill
and knowledge while pursuing the principal's affairs. However,
no broker is expected to perform tasks or know information
outside the scope of his/her real estate license. Real estate
licensees are not expected to perform services normally provided
by engineers, lawyers, accountants, or other professionals. If
concerns arise outside the scope of a broker's responsibility,
the broker should acknowledge that and suggest that the
principal seek assistance from a reliable outside source.
Accounting
An agent is obligated to account for all money or property that
belongs to his/her principal entrusted to that agent. The duty
compels a real estate broker to safeguard any money, deeds, or
other documents entrusted to them relative to their client's
transactions of affairs.
The Benefits
of our Buyer Agency. By signing our
Specific Property Buyer Brokerage Agreement, you are gaining
access to one of our professional for a specific property,
notice, this agreement is just for one property, if you are
satisfied with our service and want our agents to show you all
the properties you are interested, than you have to sign our
full service
Exclusive Buyer Brokerage Agreement.
More
How Buyer Agents Get Paid.
Will hiring a buyer broker cost me more money?
In a standard real estate transaction, it doesn't cost a home
buyer any more to use a buyer broker than it would if they used
any broker to assist in locating the right home. The only
difference is the buyer assumes the responsibility for the
commission due to the buyer broker.
More
Click here for Our Specific Property Buyer Brokerage Agreement.
If you have a property that you have to see it
in the next 24 hours and you don't have an Exclusive Buyer's
Agreement with an other Real Estate Agent, fill out this form
and fax back to us, one of our agents will contact you to make
an appointment within 24 hours.
Click here to open this form.
Click Here for Our Exclusive
Buyer Brokerage Agreement. If you are ready to
purchase a home and want to get the full service of one of our
agents, you need to fill out the Exclusive Buyer Brokerage
Agreement, in Georgia this is the law if you want exclusive
representation.
Click here to fill out this form.
Free Access to all Home Listings in Atlanta.
Check all the homes for sale, for rent, all the lease
purchase homes, and homes owned by banks (REO properties) in one
central location and all for free.
Click here for free access
Sandy Springs New Homes for
Sale. If you are planning to purchase a new
home in Sandy Springs, this is the place to find all the new
homes currently listed for sale. We work with home builders,
land developers and custom home Builders in Sandy Springs.
See the
latest new homes in Sandy Springs
Atlanta Homes for Rent.
We have agents exclusively serving the rental
market in Atlanta, if you are relocating or just moving locally
and want to find a home for rent in Atlanta, we have along list
of homes for rent in Atlanta,
click here to access Atlanta homes fore rent.
List of Lease Purchase (Rent
to Own) Homes in Atlanta. Lease purchases are very popular now a days and that is because
it is hard to get approved for mortgage loans. the next best way
to buy a home is through a lease purchase. This website will
give access to all of the homes in Atlanta available on a lease
purchase.
Click here
for more.
Once you have decided to seriously shop for a new home, your
best bet is to work with one agent. Find an agent who is willing
to work with you and stick with that agent. Any agent can show
and sell you any home listed in the MLS - so it is best to work
with one person whom you like, rather than skip from agent to
agent. Keep in mind that even though this agent is working with
you - his or her commission is paid by the seller not by you -
the buyer.
After you find an agent to help you in your search, you might
want to consider signing a Buyer Broker agreement with the
agent. In the past and agent was bound by law to represent the
seller of a home - which meant that even though the agent might
be working with you and showing you homes - that agent still
represented the seller and could not disclose certain
information to you as a buyer. Now, Maryland law 'presumes' that
if an agent is showing you homes than you - as the buyer- are
being represented. However, this still appears to be somewhat of
a 'gray' area.
So, your best bet is to sign a Buyer Broker agreement with your
agent. This agreement protects you and your agent. An agent
acting as your buyer broker can disclose information to you that
he could not as an agent working for the seller. The agent's
goal is now to get you the best deal and not the seller. In
return for this service, you agree to use this agent exclusively
to buy your new home.
Here are some more reasons to use a buyer agent...
A real estate agent has the tools to help you find a house that
fits you and your budget. This includes access to more listings,
educating you on the types of home loans that you might qualify
for, assisting you with escrow requirements and eventually
preparing the final contract for your new home. Plus, it sure
helps to have a pro by your side when you're dealing with
something as expensive as buying a house.
Here's the biggest tip you can get regarding agents: make sure
that you are talking to a buyer's agent and not a seller's
agent. For example, if you see a house you are interested in,
don't use the agent representing that property to make the deal
for you (translation: don't call the name on the "for sale"
sign). That agent represents the seller and will try to make
sure the deal is to the seller's advantage, not yours.
Some other points to consider...
A real estate transaction is complicated. In most cases, buying
or selling a home requires disclosure forms, inspection reports,
mortgage documents, insurance policies, deeds, and multi-page
government-mandated settlement statements. A knowledgeable guide
through this complexity can help you avoid delays or costly
mistakes
Selling or buying a home is time consuming.
Real estate has its own language. If you don't know a CMA from a
PUD, you can understand why it's important to work with someone
who speaks that language.
REALTORS® have done it before. Most people buy and sell only a
few homes in a lifetime, usually with quite a few years in
between each purchase. And even if you've done it before, laws
and regulations change. That's why having an expert on your side
is critical.
REALTORS® provide objectivity. Since a home often symbolizes
family, rest, and security, not just four walls and roof, home
selling or buying is often a very emotional undertaking. And for
most people, a home is the biggest purchase they'll every make.
Having a concerned, but objective, third party helps you keep
focused on both the business and emotional issues most important
to you.
Top
It's almost always free! The reason is because the seller almost
always pays for the commission for the sale of a house. That
means that you, the buyer, are able to utilize the services of a
Real Estate Agent for FREE. That's a pretty good deal for you.
So you might as well use one.
Top
NO. The listing agent (and company) owes his or her loyalty to
the seller and cannot legally help you get a better deal. Some
buyers believe that the listing agent should be willing to take
a lower commission because he or she does not have to share with
another agent. That may happen, however it almost always
benefits the seller and not you - the buyer. Any commission
savings may be very small compared to buying an over-priced
home, buying in the wrong area, buying the wrong home, etc.
REMEMBER: The seller's agent (and their company) is working for
the seller and CANNOT, legally or ethically, give you, the
buyer, any information contrary to the seller's best interest.
Top
If you go to an open house and are not represented by your own
agent, you may run into something called 'procuring cause' which
may be an issue if you later decide to buy the home with your
own agent. The easiest way to avoid this is to tell the agent
at the the open house (or write on the sign-in sheet) that you
have an agent. Don't yet have an agent? Send us an
Email Request
or give us a call - 770-551-5850 and we will send you some of
our business cards. Tell open house agents that you have your
own Realtor and give them a card. That way they will bother us
for feedback and not you. It doesn't cost you a thing.
Top
Real estate agents work on commission, not salary, and get paid
only after your home search is over, the contract negotiated and
the transaction complete. Under the typical arrangement, the
seller pays the commission to the real estate agent, and the
agent's services are free to the buyer. Most listing brokers get
sellers to pay 5% of the sales price.
Because most real estate transactions involve two brokers -- one
that produces the buyer and one that helps the seller -- the
commission is divided, usually 50-50, between the two brokerage
offices. Then, within each office, the salesperson who handled
the transaction gets a share, usually 50% of the broker's half.
Top
A Buyer Broker Agreement is a written agreement between a buyer and
a real estate agent. An agent cannot represent you when writing
an offer without one.
Top
Traditional
Homes of Georgia LLC,
We build spec homes in the Sandy Springs,
Dunwoody, Buckhead and West Cobb County area.
for more information contact us at 770-551-5850
or email us at
tbermeo@kstrealty.com or by
visiting our website
www.kstrealty.com
Custom
Building Group LLC, We
build custom homes in Sandy Springs, Atlanta,
Buckhead, Dunwoody, and Brookhaven area, we
currently hold over 20 residential lots in Sandy
Springs, if you are interested in building a
custom home in Sandy Springs, you can contact us
at 770-551-5850 and ask for Dan Simpson or Telmo
Bermeo, you can also email to us at
tbermeo@kstrealty.com
System
Building Group LLC
A Modular Home Builder in Georgia, if time is
your main issue when building, our company
specializes in Modular Building, we work with
several modular manufactures in the Southeast
Region of United States such us Nationwide,
Heaven Homes, R-Nell Homes and others. Our
typical project is completed in 4 to 8 weeks
depending on your customization, our crew can
travel anywhere in the Southeast region. For
more information please contact Dan Simpson or
Telmo Bermeo at 770-561-5850
Having a hard time selling your home in Sandy
Springs? Now a days buyers are more sophisticated and are aware of
the market situation, if you have not been able to sell your home
and are motivated to sell quick, give as a call, we buy homes in
Sandy springs for cash and have quick closings. If your home meets
our criteria we will make an offer within 48 hours and we will buy
on a AS IS condition. Our Land Developer company is always looking
to purchase properties in Sandy springs so don't hesitate give as a
call at 770-551-5850 and ask for Dan Simpson.
