Friday, August 27, 2010

What is a Buyer Broker or Agent? What Duty Does the Broker or Agent Owe to the Buyer?

A Buyer Broker is real estate broker who specializes in representing buyers in real estate transactions.

As part of the effort to provide truly independent representation to buyers, Adirondack Buyer Broker.Com rarely lists properties for sale. Instead, the agency focuses on assisting clients in finding and purchasing properties best suited to their needs and terms.

New York State law defines the duty of a buyer's agent or broker to the purchaser of residential property:

"A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller.... In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer."