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Prior to 1990 all real estate
agents represented the seller of a property. Even the agent who was
working with the buyer was considered an agent of the seller!
In the early 90's, advocacy
groups did a survey of homebuyers and discovered that 78% thought they had
been represented by the agent that sold them the property. These advocacy
groups informed homebuyers and homebuyers started demanding equal
representation. Real estate brokers fought the introduction of Buyer
Agency, but in the end the consumer won.
The National Association of
Realtors recently conducted a survey of homebuyers who had
purchased a new home within the past five years. This survey discovered
that 85% stated they would use a Buyer's Agent on their next real estate
purchase. It's only logical that buyers would choose to have an expert
representing them on one of the most important transactions in their
lifetime.
A Buyer’s Agent is a single
agent who represents the Buyer in the purchase of property. In the State
of Florida a Buyer’s Agent owes the following duties to the buyers:
- Dealing honestly and fairly
- Loyalty
- Confidentiality
- Obedience
- Full disclosure
- Accounting for all funds
- Skill, Care and Diligence in the transaction
- Presenting all offers and counter offers in a timely
manner, unless the Client previously directed the licensee otherwise in
writing.
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