It’s important to know who is working for whom in the education and negotiation process when buying a home. If you haven’t signed a Buyer’s Agency Agreement with a real estate sales representative then you are functioning under a customer agreement, which means your agent is working in the seller’s best interests not yours. Both the agent who lists the property for sale and the agent who works with the buyer are agents for the seller. Their loyalties are owed to the seller and they must inform the seller of all important information they know which might affect the seller’s decision regarding the sale of the property. While neither agent is the agent of the buyer, they can provide the buyer with information about available properties and sources of financing and aid the buyer in comparing features of different properties as well as showing properties and assisting in making an offer to purchase; but it is important to remember the agent is legally obligated to the seller throughout.
Once you have entered into a Buyer’s Agency Agreement with your real estate sales representative they will be obligated to fully educate you on the home buying process, inform you of all normal expenses associated with the purchase of a home, locate suitable properties through the MLS system, their office network, and realtor colleagues across the city, make arrangements to view selected properties with you that best suit your criteria, provide you with present and historical market information, and negotiate on your behalf to secure the most favourable terms possible in the least amount of time.
Protect yourself; before you get started, educate yourself on your rights and obligations in the home buying process!