What does buyer agency really mean

March 18, 2008

A real estate agent does more than open the lockbox and the door to the home and point out the obvious, such as this is the laundry room, that’s a nice walk in closet in the master bedroom or isn’t that a spacious 2 car garage. A real estate agent offers a buyer knowledge of the area, negotiating expertise and experience in helping buyers avoid potential pitfalls when buying a home.

From the South Carolina agency disclosure brochure, all real estate licensees must…

Present all offers in a timely manner
Account for money or other property received on your behalf
Provide an explanation of the scope of services to be provided
Be fair and honest and provide accurate information
Disclose “adverse material facts” about the property or the transaction which are within the licensee’s knowledge.

The agency disclosure brochure further states, “Unless or until you enter into a written agreement with the company for agency representation, you are considered a “Customer” of the Company, and the Company will not act as your agent. As a Customer, you should not expect the Company or its licensees to promote your best interests, or to keep your bargaining information confidential.” (emphasis added)

A buyer who chooses to become a client by entering into a written agency agreement can expect the real estate Company to provide the following client level services: