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Buyer's Agent
Definition:
A real estate agent employed to work in the best interests of a buyer in a real estate transaction. The agent's loyalties are with the buyer. It is the agent's duty to share any information about the property or sellers that may help the buyer make decisions regarding the transaction. Agent status must be disclosed to all parties. It is customary in the Boise Idaho area for the Buyer's Agent to be paid out of the proceeds of the Real Estate Transaction and not out of the Buyer's pocket. This brings use to Buyer Agency.
What is Buyer Agency?
Buyer agency is defined as a principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that the buyer's agent is tied to the buyer, and that all of the buyer's agents loyalties are to the buyer.
Buyer agency is a relatively new concept for the real estate world. In the past, agents were Seller's Agents, working for the person who signed a contract employing them to sell real estate. Other agents that might of show a buyer properties for sale were bound by the seller's contract thus making all agents seller's sub agents. Buyers did not have representation, it was buyer beware as they were really on there own. Over time that arrangement resulted in too many misunderstandings. A buyer working with a Seller's Agent often regarded that person as his agent, and felt free to make confidential statements, not understanding that the agent worked for the seller and the information would be passed on to the seller.
Complaints were made to real estate commissions, and lawsuits were filed. As a result, many states now require us to explain agency status to the buyer. In Idaho we must make this disclosure at the first significant contact. The Agency status is also disclosed in the RE-21 Real Estate Purchase and Sale Agreement. We have an Agency Disclosure Brochure that helps explain the agency law in Idaho.
In today's real estate world, you'll find agents who work as Seller's Agents and Buyer's Agents, and in some areas you'll see Limited Dual Agents and Designated Agents. Here's a simplified recap of those terms.
| Seller's Agent | Your duty is to obtain the best deal for the seller. You are allowed to give the buyer only material facts about the property.
A Seller's Sub Agent is an agent from another office who is not working as a Buyer's Agent. The Buyer of the Seller's Sub Agent would be a Customer according to the Agency Disclosure Brochure. |
| Buyer's Agent | The Buyer's Agent's duty is to obtain the best deal for the buyer and their loyalty is to the Buyer, not the Seller.. Your Buyer's Agent may pass on any and all information he/she obtains about the seller or the seller's property. In Idaho the way your Agent becomes your Buyer's Agent is by you, the Buyer, signing an RE-14 Exclusive Buyer Representation Agreement that spells out the Buyer's Agents responsibilities and duties to you. Until you have signed the RE-14 you are concidered a Customer and a Customer the agent is a Seller's Sub Agent. |
| Limited Dual Agency | You must be loyal to both parties. Limited Dual agency occurs when a real estate brokerage owns a listing, and an agent from the office, working as a buyer's representative, shows that listing.
When that happens than the listing office represents both the seller and the buyer thus creating the Limited Dual Agency. The Seller and the Buyer could be represented by the same agent or the Seller and the Buyer could have their own agent in the same office. The agent or agents are not allowed to discuss certain thing about the buyer or seller. See the Agency Disclosure Brochure. In areas where it's allowed, Limited Dual Agency must be disclosed and agreed-to in writing by both parties.
I work as a Dual Agent only if both parties understand and agree. I usually ask people when they don't understand the Limited Dual Agency this question: "If my office has a property listed that meets your criteria do you want me to show it to you". More than 90% of the time the answer is Yes! |
| Designated Agent | Very similar to Dual Agency, and also not available everywhere. The broker-in-charge designates two agents to work a transaction, one for the seller, one for the buyer. Our office does not do this at this time. |
In the end both the Buyer's Agent and the Seller's Agent are paid from the proceeds of the Real Estate Transaction. Remember this, Until You Sign The Exclusive Buyer's Representation Agreement, you remain a Customer.
Directions To Sienna Creek
From Meridian Rd and Ustick Rd, go West on Ustick, North on Venable Ln, and West on Ashby Dr into Sienna Creek.
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Tom Zumwalt, e-Pro,Realtor |
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