BUYERS WHO SHOULD OR MUST BE CLIENTS
Source: Realty Bluebook Edition #31 - Robert de Heer (Items 1-5)
#1-BUYERS
who require anonymity, such as famous or wealthy people or
corporations moving into the area.
RELATIVES
CLOSE FRIENDS
CLOSE BUSINESS ASSOCIATES OR PARTNERS
BUYERS WHO WANT TO BE REPRESENTED
FORMER CLIENTS AND FORMER CUSTOMERS
FIRST TIME BUYERS WHO NEED HELP
OUT-OF-TOWN BUYERS WHO NEED HELP WITH PROPERTY VALUES AND LOCATION
#2-BUYER
REPRESENTATION AGREEMENT
A BUYER representation agreement provides for the exclusive right to represent the BUYER for a certain period of time, to assist the BUYER in locating real property of a specific nature and to negotiate terms for its acquisition acceptable to the BUYER. The form also includes clauses such as possible dual agency, possible conflicts with other BUYER CLIENTS, compensation options, optional retainer fees and binding arbitration.
#3-DISCLOSURES
TO LISTING BROKER, SELLER AND CLOSING (ESCROW) AGENT
In a transaction in which the Broker represents a BUYER, the Listing Broker should be informed of the BUYER-BROKER arrangement @ first contact, again @ the time the appointment is made and once more when the offer is presented. The Closing Agent should also understand the representation arrangements.
#4-COMPENSATION
Payment of commission does not necessarily establish Agency. It makes no difference who pays the commissions....the Seller, the BUYER, or both. Commissions are disbursed @ Closing as part of the transaction as any other Closing Cost. The Closing Document should clearly show two commissions....one marked "on behalf of the Sellers" to the Listing Office, the other marked "on behalf of the BUYERS" to the Selling Office.
#5-ADVANTAGES
OF BUYER BROKERAGE
Minimum
legal risk
No
liability for Sub-Agents
Closer
control over BUYERS
No
marketing expenses
#6-PRE-REQUISITE/POLICY
FOR PROSPECTIVE HOME BUYERS
Ref: Chapter 153 effective April
20, 2022
Source;
Division of Licensing Services
NYS
Department of State
Prior to receiving any services, any person (s) or agency (ies) must:
1-Show proper; legal identification (ID) for all parties.
2-Pre-approval for financing a mortgage loan.
3-Buyers
Agents must provide Exclusive Broker Agreement.
Crossett Real Estate Services will co-operate with all Brokers, Agencies, Agents representing Buyers. Crossett Real Estate Services does not share commissions/fees.