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What You Should Know About Agents Representing the Seller...
If you are the type of buyer who enjoys doing the legwork of the
home finding process, you will most likely visit an open house,
builder's model home or Parade of Homes. Or, you may make phone
calls to listing agents or builders' representatives to see a particular
property.
You should be aware that in order to have independent representation,
you should avoid direct contact with builders' representatives or
listing agents. This includes registering at a new home neighborhood
or attending an open house. In the case that you desire independent
representation, you should choose an independent buyer's agent as
one of your first steps in your home search. You would then want
to sign a buyer's agency agreement and keep your real estate professional
closely involved with all aspects of the home search. Failure to
do this may result in your preferred real estate agent being unable
to represent you in the transaction.
WHY? Procuring Cause -- A confusing term meaning
that whoever introduces a buyer to the property he or she elects
to buy is entitled to compensation for the sale. For example, if
you were to find the home you want to buy while attending an open
house hosted by the listing agent, and you were not previously involved
with or introduced to the listing by another agent, the listing
agent of the home is entitled to both the listing and selling side
of the sale, to be paid by the seller. You would only be able to
have independent representation in this case if you chose to pay
a buyer's agent his or her fee for representing you.
How to Preserve Your Right to Independent Representation...
There are two things you must tell a listing agent or builder representative
to retain your right to independent representation:
- You already have an agent. Give his or her name and phone number
to the seller's or builder's agent.
- Your agent told you about the property. Have the date and method
by which you were told about the property (i.e., by phone, in
person, e-mail).
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