TRE5 - Buyer Representation P2 - That Real Estate Show!

Key topics discussed in the video include:
Buyer Representation Agreement
Tim Harriman reviews sections one through four from the previous episode, which covered the names of the buyer and broker, and confirmed the buyer is not already under a buyer representation agreement.
The agreement is between the client and the broker, not the agent specifically, so that another agent in the office can step in if needed to complete a transaction.
Section 5 outlines the broker's responsibilities to the buyer, which include:
Not disclosing the buyer's financial information, motivation to buy, or previous offers unless mandated by law or with the buyer's permission.
Providing the buyer with the benefit of the broker's advice and experience to navigate the complex real estate transaction.
Making a diligent effort to find the described properties regardless of the amount of compensation the buyer's broker will receive from the seller.
Negotiating on the buyer's behalf for agreeable terms and conditions, such as a closing date.
Representing the buyer's interest throughout the entire transaction, from the beginning through closing.
Being a fiduciary to the buyer, which can be limited in a written dual agency consent agreement. The host notes that dual agency, where the agent represents both the buyer and the seller, is complicated and rarely done by agents.
Section 6 details the buyer's responsibilities, which include:
Cooperating with the broker and being reasonably available to examine properties. This is important because houses sell quickly, and delaying a showing could mean losing the house.
Upon request, providing the broker with financial and personal information about the buyer's purchasing ability and needs, as withholding this information wastes time.
Understanding that any referrals to attorneys, contractors, or home inspectors are for convenience and not an endorsement or guarantee, and the buyer is not required to use them.
Ordering any tests, inspections, and investigations related to the property purchase to determine its suitability and verify facts important to the buying decision. This includes the buyer's due diligence on things like the property's history.
Acknowledging and consenting to being recorded on audio and/or video surveillance by electronic devices on or around the property. The host advises buyers to keep comments about the house to themselves until they are away from the property.
Authorizing the broker to disclose the buyer's identity to third parties necessary for the transaction, such as a closing attorney or mortgage lender.
Referring questions about legal title, convicted persons' residences, tax considerations, pests, environmental conditions, and neighborhood plans to the appropriate professional (attorney, tax advisor, inspector, or governmental agency), as the agent will stay within their expertise.

Categories: Business Coaching

Starring: Tim Harriman