Smart Moves for Seniors

An Open Resource and Meetingplace for Seniors Thinking About Moving On With Their Lives and provided by Lois Patton, Licensed Real Estate Salesperson and Certified Buyer Representative with Albany Realty Group, Albany, New York. Also visit us at www.albanyrealtygroup.com or call 518-459-4564.

Thursday, July 13, 2006

Signing an agent to work for you as a "buyer agent" means that by New York State Law that agent owes you loyalty,confidentiality,honesty and representation as your agent. Your buyer agent is, as a result of that agreement, legally bound to work for you and for your best interests as you direct him or her with regard to your interest in and purchase of a house. Without an agency agreement an agent is legally a representative of the seller, and she or he must, as a result,represent the best interests of a seller. Buyers sometimes wonder why they are asked to sign an acknowledgement that an agent showing them a house is representing a seller unless the buyer opts to sign that agent as a buyer agent. It can be confusing and give one pause to be asked to sign a legal document early in the initial search process. But in fact, New York State requires that an agent disclose their representation to a prospective buyer so that a buyer is clear from the beginning and outset of their search that an agent is working for the seller unless a buyer agency agreement is signed.

Some years ago while living out of state I made an offer on a house through the agent I had been working with. She had not disclosed to me that she was the listing agent for the house I was putting a bid on, and I didn't realize that she therefore had the best interests of the seller, not my own, in the transaction.

Make sure you know how agency law works in your next purchase. We can help clarify it for you further if you would like to give us a call or send us a note.

Have a great day!

0 Comments:

Post a Comment

<< Home