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.
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.
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
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
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.
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.