A Buyer Broker is a real estate broker who specializes in representing buyers. Unlike a seller broker or conventional broker, the buyer broker has a fiduciary duty to the buyer, because the buyer accepts the legal obligation of paying the broker. The buyer broker is obligated to find the best property for a client, and then negotiate the best possible purchase price and terms. Buyer brokerage has gained a significant amount of respect in recent years, since the National Association of Realtors has changed its code of ethics to accept this designation.
What is a buyer broker agreement? Some real estate agents require buyers to sign a buyer broker agreement to ensure the real estate agent's commission and formalize the buyer/agent commitment. The buyer broker agreement guarantees the real estate agent's compensation for the real estate purchase even if the buyer uses another real estate agent. Should you sign a buyer's broker agreement and how can you cancel a buyer broker agreement? Watch this Expert Real Estate Tips segment to learn more about buyer broker agreements.
For a significant part of the residential real estate market, fall means buyers and sellers alike are gearing up for a new place to live. If you're hoping to buy, and don't want to experience the heartache of missing out on some great houses, now is the time to get ready. If you plan on buying a home before the end of the year, the first thing you should do is figure out how much you can afford to spend on a house.