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March 18, 2013

Buying or Selling a Home

Basics of Buying a Home

Under the law, who does the buyer's real estate agent work for?

Oddly enough, for the seller—unless you make arrangements to the contrary. A buyer's real estate agent can help you choose a home. But the typical real estate agent does not work for you, but for the seller. That's because the agent's fee is a percentage of the selling price of the home, and the agent has a legal duty to the seller, not the buyer. The higher the price, the more money he or she earns. Therefore, don't expect the agent to necessarily represent your interests. If you want an agent to work only on your behalf, arrange to pay for a buyer's agent directly.

Whether you work with an agent or not, it's best to talk to an attorney before you sign any documents, starting with your agreement with your agent if you decide to go that route. The terms of a broker agreement are negotiable, and you'll want to be sure to protect your rights.

>>Under the law, who does the buyer's real estate agent work for?
>>What is an offer?
>>How do I get a mortgage?
>>What is the title search?
>>What happens at the closing?

Practical Law Home | Buying or Selling a Home | *Basics of Buying a Home*
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | Financing a Home Purchase | The Closing | The Fair Housing Act
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