In every real estate transaction, there's a Buyer and a Seller. A Seller with property listed on the MLS has a "Listing Agent" (also called "Seller's Agent") who represents the Seller. The Buyer may or may not have a Buyer's Agent representing them.
If the Buyer doesn't have a Buyer's Agent, they'll be either representing themselves or be represented by the Listing Agent. In the latter case, this is called Dual Agency and requires written agreement by all parties. In either scenario, the Listing Broker/Agent keeps all the commission paid by the Seller. But when the Buyer has a Buyer's Agent, this commission is split between Listing Agent and Buyer's Agent.
There are strict laws governing the duties of Sellers Agents, Buyers Agents and Dual Agents. These are defined in the Washington State Law of Real Estate Agency.
Buyer's Agency Agreement
Similar to a Seller's Listing Agreement with the Listing Agent, the Buyer signs a Buyer's Agency Agreement. Both Agreements are standard statewide forms that spell out terms and compensation for the agent's services. The Buyer's Agency Agreement creates an "agency relationship" between Buyer and Buyer's Agent, ensuring both parties agree to the agent's duties and responsibilities outlined in the Law of Real Estate Agency.
Why Have a Buyer's Agent?
The advantage of you having a Buyer's Agent is to have someone representing your interests. With T Williams Realty, you'll benefit from our wide range of expertise during negotiations and your feasibility study, reduce your stress and have someone vigilantly "watchdog" your earnest money.
What About Unlisted Properties?
Some of the choicest island properties never make it to the MLS. A Buyer's Agency Agreement allows us to show you all available properties, even those that are unlisted, expired or For Sale By Owner (FSBO).
What Will It Cost Me?
If a property is listed on the MLS, you pay nothing -- the Seller pays the commission. In the case of unlisted properties, you as the Buyer, pay the commission. But it may not cost you any more: you'll negotiate a lower sales price which also means your closing costs will be less. Therefore, the total amount you pay may be awash or even lower than when the seller pays the commission.
Give yourself the advantage: ask us for a Buyer's Agency Agreement and let us go to work for you!
Ready to get started? Got questions? Call or email today!