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A real estate Buyer's agent represents the consumer who is purchasing
the property in the real estate transaction. This
REALTOR®
owes full fiduciary responsibilities, duties and loyalty to the real
estate Buyer. The Buyer's agent works for the Buyer client and has the
clients best interests in mind throughout the entire real estate
transaction process.
The
REALTOR®
is compensated by the Seller of the property through a negotiated fee
between the Buyer's and Seller's sales representatives based on the
selling price of the real estate property. In some cases, the Buyer
can select to compensate the
REALTOR® directly and in doing so, the selling agent forgoes receiving any commission from
the seller in the transaction. It is important for the consumer to discuss the
Buyer agent's compensation in the initial interview.
In many cases, it is recommended that the consumer and Buyer agent agree
to the terms of compensation prior to viewing real estate properties and
sign a written agreement based on these terms. This agreement
should spell out the responsibilities of both parties throughout the
real estate transaction. It is important to note that in some
provinces, legislation has been enacted to protect the buyer to the
point that absent a written agreement, the agent represents the buyer
throughout the real estate transaction.
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