A sydney buyers agent represents the Buyer’s interests in every real estate transaction. In addition, the Buyer’s agent’s responsibilities to the Buyer are loyalty, diligence, obedience, disclosure, accounting, confidentiality, and reasonable skill and care. All duties are fiduciary — they are owed exclusively to the Buyer – NOT to the seller.
Choosing a sydney buyers agent
- Ask for references from the previous client whose agent helped buy a home in your area.
- Call an indigenous real estate office and ask to recommend a sydney buyers agent who specializes in the type of property and community you are interested in.
- Visit a few real estate offices. The office can tell much about the sydney buyers agents you may work with. Is it attractive and organized? Is it easily accessible and open seven days a week? Is the agent a member of a multiple-listing service — that is, are the listings of all other agents available to you?
- Interview several prospects. Choose a buyer’s agent who offers you the services you need and with whom you feel comfortable. More experienced agents will have the knowledge and tools to help you find and buy the right house for you.
- Discuss what is expected of you and the agent as you begin the collaborative process of finding and buying a home. Get everything in writing!
What you should expect from a sydney buyers agent
During the search process, the sydney buyers agent:
- Arranges showings that meet your needs
- Provides detailed information that you request about the property, community, utilities, taxes, and zoning, or refers the Buyer to appropriate information sources
- Discloses any material facts about the property which the sydney buyers agent knows.
During the offering process, the sydney buyers agent:
- Prepares a modest market analysis of the property
- Counsels you on what price is good for the property
- Negotiates the best terms and price for the Buyer
- shows what other buyers pay for the property in the area.
- Assists in writing an offer with your interest in mind
- Monitors all events, dates, and requirements for the Buyer
- Assists with the loan application process
- During the closing process, the Buyer’s agent:
- Should attend the closing with the Buyer.
The essential rules to Know While Working with a sydney buyers agent
- When you hire a buyer’s agent to help you purchase a home, he must be working only for you.
- Every sydney buyers agent’s commission is negotiable. There’s no set percentage or commission an agent must demand. Before signing a contract, you can ask the Buyer’s agent to take a smaller commission than they proposed. The Buyer’s agent is free to decline your offer.
- You can negotiate the duration of your agreement with your Buyer’s agent.
- Whatever terms you agree on, be sure you understand what you will get in return for that commission. If you negotiate a lower percentage or commission than the agent proposed, he may want to exclude some services they would typically provide. Make sure you’ll be entitled to all the services most important to you, and put it in writing.
- Before signing, be sure you have gotten answers to every question. Be sure you are comfortable with the Buyer’s agent and that you understand all the terms of your purchase agreement.
- The purchased agreement must have a beginning date and an ending date and be signed by all parties to the contract.
IMPORTANT! A contract signed between you and a sydney buyers agent is legal and binds both parties. There’s no 3-Day cancellation of the purchase agreement once it is signed. It is also essential that you also receive a copy before you sign.
Do not sign any blank documents that you don’t understand. Dare to visit a real estate attorney for professional assistance.
Once you sign the contract, your real estate agent may show you some homes of sellers that they represent. If you choose to buy a house from a seller who also happens to be your agency’s client, the agency is obligated to provide a “Dual Agent Consent Agreement” form to sign. By signing the form, you agree that your real estate agent is free to represent you AND the seller in the deal. The document outlines the process to ensure complete objectivity to both sides.
You may not agree to Dual Agency if it is not in your best interest. Do not sign the consent form in advance; wait until you have a serious interest in a home represented by your sydney buyers agent.
Having an attorney overseeing your paperwork and advising you on all legal aspects of the deal is essential. Real estate buyers’ agents and brokers are prohibited from engaging in law practice and must not provide legal advice.
If the inspection reveals that you need to make some repairs, your Buyer’s agent will communicate in writing to the seller, who may choose to give you credit at closing or fix the damages. Be sure that any home improvement contractor, electrician, or plumber hired by the seller is appropriately registered or licensed by the Department of Consumer Protection as required. Ask for a Connecticut license number and verify the license and its complaint history before starting the work.
No decree says the seller must compulsorily accept your offer, nor are there any requirements for which counter-offer the seller must forcefully accept. Sellers have the right to sell or not as long as their intent is not to encourage discriminatory practices.
Once you deposit on a property, the funds must be held in a separate escrow account by your Buyer’s agent. They must not be co-mingled with the sydney buyers agent’s other business or personal accounts.
Your check and money order should be made payable to the brokerage company — not to a Sydney buyer’s agent or agency employee. Don’t forget that you have the final word on any decision. Don’t let a buyer’s agent pressure or hurry you into making a choice you are unsure will give you what you want.