What Are Buyer Agent Responsibilities?
16th November, 2022 at 10:09 am
Buyer Agent Responsibilities? Well, they are responsibilities to both the buyer and the Seller.
When a realtor is called upon to sign the buyer’s agent’s duties, this is generally done when a home is for sale by the owner, is in the process of being listed for sale by the owner, or is in the marketing phases of some type.
These contracts often have specific language describing what is to be done by the agent and what is not to be done.
It also describes the fees the agent will charge the client and the nature of the listing agreement.
Generally, a buyer agent’s job duties would include:
- Helping the buyer find their dream home
- Finding qualified buyers
- Assisting in preparing the Listing Identification Statement (also known as the Listing),
- Escrow Arrangement
- Funds Collection.
- Performing due diligence on the property, and closing.
In the buyer’s agent job duties description, there are specific details about the roles and responsibilities of the agent.
Below is a list of the buyer Agent’s Responsibilities and the details about each one.
Verification of Necessary Documents
As outlined in the contract, the primary duty of the Selling Agent is to perform the research and find suitable homes for the buyer.
The research may be performed by utilizing MLS information and asking friends and family for home recommendations.
Attending open houses or homes for sale, reading Realtor reports, and handling buyer referrals are additional services.
Next, the Selling Agent’s responsibility is to work with a buyer, close the deal, and provide the buyer with all the necessary documents and closing costs at the close of the transaction.
If the buyer cannot close the sale, the seller will need to obtain the buyer’s, agent Commission.
A Buyer agent will receive a buyer’s agent commission when a home is purchased from the sale of the property.
The commission is based on the wholesale cost of the property and is a percentage of the selling price.
The minimum commission that a buyer will receive is two percent. If the buyer is not successful in closing the purchase. The Seller may be required to repay any Buyer’s Agent Commission earned.
The commission may also be recovered if the buyer does not obtain a mortgage loan from the bank and decides to utilize the funds obtained through the home sale to make the initial purchase of their home.
Possession of the House
Another key role of a buyer Agent is to act as a liaison between the buyer and the Seller. They often make the arrangements necessary to take possession of the house.
For example, the buyer agent will need to arrange for moving expenses to get into the house. This is also one of the Buyer agent job duties that a Realtor can handle.
However, Realtors will not have the time to do all of the preliminary research, packing, and securing of the property.
As well, as preparing a contract, inspecting and testing the building, and negotiating the closing terms, among many other details.
Buyers will not have any pre-purchase inspections unless they have hired a Broker.
Suppose an Agent fails to submit all of the required documents required by the buyer’s agent Brisbane, provides inaccurate information, or does not submit an accurate closing cost quote.
In that case, the Buyer may be charged a penalty fee. Also, the Buyer won’t receive any Buyer’s agent commission unless the deal closes.
This is one reason realtors are paid so many commissions; they are in the business of taking care of the closing process. In essence, Buyers are paying them more money than if they had hired an independent Realtor.
Legal Requirement Concerning
Buyers should know that the Buyer’s Agent does not disclose their commission when they close the deal. This is a common misconception that many people have.
Many realtors will take care of this for you, but there is no legal requirement for the Buyer to pay the agent before the deal closes.
Some states have a law mandating an agent’s disclosure of their commission, but the agent must disclose it in writing.
Buyers should check their local statutes and regulations to determine any legal requirement concerning an agent’s commission when buying a home.
In many cases, the Buyer will have the opportunity to eliminate the commission by paying extra closing costs.
The buyer agent’s job duties are to ensure the smoothest transition of property ownership. Buyers will feel very satisfied with the closing process, and the process will move along at a rapid pace.
Real estate transactions can run smoothly once the buyer has hired a buyer agent. Knowing what the buyer’s agent is responsible for ensures that they provide the Buyer with the best service possible.