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When Buying a Home

· Buyer Guarantee       · Mortgage Information      · New Homes & Builders

· Automated Notification of New Listings          · Search for a Home     

· The Role of a Buyers Agent

The Role of a Buyer’s Agent

In Indiana, prior to July 1993, the "policy of agency" (who an agent represents) was that both the listing agent and the selling agent represented the seller (who paid the commission). Today, the listing agent represents the seller, and the buyer's agent represents the buyer. Buyers have their interests being represented!  Sellers still pay the commission but it is paid to the brokerage firm of the listing agent. That brokerage firm in turn pays a part of the received commission to the brokerage firm of the Buyer's agent. The individual agent is then paid on whatever level has been agreed upon in their office contract.

Agents represent the individual with whom the agent is working, either the seller or the buyer, or both if the situation arises wherein the listing is one that is listed by the buyer's agent or the Principal or Managing Broker of the office. This is called Limited Agency. In such a case, the agent pledges fairness and honesty to both parties.  In addition, if limited agency arises, the agent shall not disclose the following without the informed consent, in writing, of both Seller and Buyer:

1.   Any material or confidential information, except adverse material facts or risks actually known by agent concerning the physical condition of the Property and facts required by statute, rule, or regulation to be disclosed and that could not be discovered by a reasonable and timely inspection of the Property by the parties.

2.   That a Buyer will pay more that the offered price for the Property.

3.   That the Seller will accept less that the listed price for the Property.

4.   Other terms that would create a contractual advantage for one party over another party.

5.   What motivates a party to buy or sell the Property.

Standards of Care – What we owe our Clients

 (OLD CAR)

Obedience

Loyalty

Disclosure

Confidentiality

Accounting
Reasonable Care & Skill
 

Benefit to the Buyer:

1. Total commitment to the Buyer
2. Maximum effort on their behalf
3. Exposure to the entire market
4. Confidentiality
5. Disclosure and loyalty
6. Track record of successful negotiations
7. Privacy for the Buyer
8. Strongest possible protection of the Buyer's interests
9. Mortgage financing
10. Buyers will save money since we will be fighting to protect their interests

Benefit to the Agent:

1. Buyer loyalty
2. More qualified Buyer
3. More educated (to the marketplace) Buyer
4. Peace of mind, less conflict of interest
5. Ability to offer more services

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· Buyer Guarantee       · Mortgage Information      · New Homes & Builders

· Automated Notification of New Listings          · Search for a Home     

· The Role of a Buyers Agent

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