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Welcome > For Buyers > New York State
Law and Agency Relationships ...
The Relationship Between the Real Estate Agent and the Consumer
Traditionally if you were looking for a home to buy you only had one choice and that was to work with a real estate agent who worked for the seller of the property. You represented yourself, figuring out price and terms were your responsibility. Then throughout the United States laws were passed that changed what was traditional. It was felt that the buyers did not understand they were not being represented. They developed relationships with brokers and felt that the brokers were representing them - which was misleading.
If you are considering buying residential property the single most important thing you can do to protect your interests is to find a Buyer's Agent to represent you. As you search the internet for properties that might be of interest to you, you will click through for more information. The agent you will be talking to represents the seller and the seller's interests. So what? Well as an example. I recently had a buyer call me on one of my listings. We started to chat and before she knew it she disclosed to me that she had spoken to a mortgage broker and was approved for up to $700,000. Remember, I work for the seller. I am obligated to disclose everything she tells me to the seller. Let's say she likes the house that she clicked through on and wants to pay $625,000 for it. I am not working for her but I am working for the seller so I must tell the seller that she is approved for $700,000, remember it is my job to get as much as I can for the seller, not work for the buyer to save them money.
Now let's say that same buyer is working with me but I am a Buyer's Agent. She sees a house she likes on line and doesn't click through to talk to the Seller's Agent but contacts me, her Buyer's Agent, and we go see the property. She likes it and wants to make an offer. Since I now represent her we discuss the comparables and discuss a strategy for negotiating to get her the best price. She can tell me what she is willing to spend, I can't disclose it. We can decide where to begin the negotiations, she can talk freely with me I won't disclose anything to the seller or the seller's agent. This means that I have a fiduciary responsibility to protect the buyer's interests, you become the agents client, and the broker will be bound by written agreement to be your advocate. When the buyer is represented by the agent, all the fiduciary duties are owed to the buyer, not the seller. The buyer can obtain the opinion of the agent concerning the condition of the property, the effect of improvements, the seller's motivation, all of which a seller's agent can't provide.
A buyer's broker is usually paid by the seller to bring a buyer to the table. The payment of the commission has nothing to do with the fiduciary responsibility that an agent has to his/her client. It is not an additional cost. It can literally cost you thousands not to have your own representative. When a seller puts their property on the market, on the MLS, when they sign the listing agreement, it is decided how much the Buyer's Broker will be paid from the total commission the seller will pay and it is noted on the listing. It is now common for a listing broker to pay a commission to a Buyer's Broker.
Sometimes when you click through and speak to the listing agent they will tell you they can work as a "Dual Agent'. What does that mean to you? It means that no one is representing you, that you are doing your own work. You have to find the comparables, make your own decisions about contingencies, decide what in the Engineering Report should be discussed. As a Dual Agent they can't advise you or the seller. They do not represent anyone. But they are getting paid for both sides, representing the seller and the buyer. If you hire your own agent that agent would get paid the buyer's side. It is not an additional fee.
Agency Disclosure Form
In most state's buyers are asked to sign an Agency Disclosure Form. This is not a contract. It is a form that explains your relationship to the real estate agent you are seeing property's with. This is a consumer protection law. It is required by law that you understand when you first meet an agent who that agent is working for.
You may also be used to receiving a property condition disclosure form which is common practice in many parts of the country. We do have a law in New York however, it is not common practice for sellers to complete the form. This does not mean there is anything wrong with the property. You will receive a $500 credit at the closing.
Lawyers
You may be relocating into the New York metropolitan area from an area of the country where Real Estate Brokers/Agents handle all aspects of the transaction. In this area attorney's handle the contract, the title, and hold the escrow.
Bargain Properties >A Home With a History
A colorful history can add significantly to the value of a home. Researching the provenance of a property you are interested in buying can be both interesting and ultimately profitable. The market value of a home will be greater if it was designed by a notable architect, built by a company with a reputation for the finest construction, or lived in by a celebrity who hosted famous guests.
Ask your real estate agent if there is any historical data of significance associated with the home, or if previous owners were VIPs. Note the names associated with the deed and title to the home, and look them up with the help of the local historical society. Consult the microfiche in newspaper archives for references to colorful details of the home's past. The county assessor's office may have records of the date the home was built, and building permits may reveal the name of the architect. When inspecting the home, search closets and attics carefully for hidden historical "treasures".
Buying an older home at a bargain price, then re-selling when it is renovated and restored can be an enjoyable and lucrative adventure.
Miriam Bernstein, ABR, CRS, GRI, ePro RE/MAX Prime Properties 696 White Plains Road Scarsdale, New York 10583 Direct: 877-881-0626 Cell: 914-907-1922 Fax: 914-290-4647 SKYPE: Miriam642 Email: miriam@miriambernstein.com
I have been a full time REALTOR for the past 14 years. I have continued my education and have earned the Certified Residential Specialist, Accredited Buyer's Representative, Senior Real Estate Specialist, New Home Specialist, e-Pro Internet Specialist and the Graduate, Realtor Institute designations. Please check out my site, my credentials on line and call, no obligation, no pressure, I promise.
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