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What you should know about Buyer Representation

Connecticut law requires that a Realtor furnish you with a written agreement setting forth all the terms and conditions of the representation between you and the Realtor. The Realtor must furnish you with this agreement prior to physically showing you a property that is not listed with the Realtor's firm.

You may also be unrepresented should you wish to do so, however, you then are not entitled to the Realtor's confidentiality, loyalty, opinions or advice. Generally, you will not be represented if you are shown property listed with the Realtor's firm.


If you wish to be an Unrepresented Buyer the Realtor will ask to confirm your understanding and agreement to this by asking you to sign an "Unrepresented Buyer Disclosure" form. Also the Realtor will be limited to showing you only those properties which are listed with their Real Estate Firm


There are three basic types of Buyer Representation Agreements:

Exclusive Right To Represent

With this representation, you are giving the real estate firm the exclusive right to represent you. There is no need to look at properties on your own and it may be to your disadvantage to do so. A Realtor exclusively representing a buyer must make a diligent effort to find a property for that buyer and has a Fiduciary responsibility to the client.


Open Right To Represent

Under this type of agreement, you are free to look at properties with other Realtors and directly with sellers. You are not committed to use that particular real estate firm and that real estate firm is not committed to you as a buyer. However, keep in mind that a Realtor under this type of agreement may have a legal obligation to bring new listings and other properties to the attention of those buyers they represent exclusively before they bring such information to buyers under an open agreement.


Exclusive Agency Right to Represent

This type of agreement is a hybrid of the two previously mentioned types. Under this form of agreement, you are free to look at properties offered directly for sale by owners, but you agree to work only with the real estate firm to which you have given exclusive agency buyer representation agreement if a property is listed with another real estate firm.


Dual Agency

On occasion, your real estate firm may have a property listed that you are interested in buying. If this situation should occur, your real estate firm would become a dual agent, as it would represent both seller and the buyer, and you will then be given a dual agency consent agreement for your review and signature. This dual agency consent agreement lays out the "Rules of the Road" of the dual agency relationship.

 

Designated Agency

Furthermore, the firm may offer you, the buyer, the option of having another agent from the firm negotiate for you. An agent designated on your behalf will be able to advise you on all aspects of the transaction, including providing you with price information and advice as to the amount of offers, list prices, etc.

 

 

 

Email: dafriedman@charter.net
 

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