Buyer Agency & Representation
Buying a home can be a VERY involved process. One of the key decisions buyers make is who they will use to represent them through this adventure. Did you know that when a real estate agent represents a client they have specific legal responsibilities they owe that Client? These responsibilities are called fiduciary duties and are similar to the responsibility an attorney owes their clients. A careful and well informed choice about representation is vital. “Fiduciary” means we place YOUR interests above our own.
Imagine you were shopping for a new car. You could go to various car lots and talk with the sales representative of each make of car and get their opinion on the various automobiles they are trying to sell you. You would certainly learn something about the cars, but you would know that everything you are being told is crafted to get you to buy their car.
Now, imagine you first consulted with an automobile expert who know all of the cars in the current market and the history and statistics for car sales across all makes and models. You tell this expert what you are looking for and they take your goals and after thoroughly researching the current automobile inventory they match up your goals with the best possible options available. Then, they go to the car lots with you and accompany you on a test drive – all the while answering your questions and describing the features and challenges of each option with the intention of assuring you make a well informed decision. Everything this expert does is in YOUR behalf as YOUR ADVOCATE. That is similar to the benefit of having your real estate agent representing you in the purchasing process.
To facilitate this agency relationship Utah law requires that licensed real estate agents create a contractual agency relationship with clients that clearly identifies the rights and responsibilities of clients and their agents. The client commits to use the agent as their exclusive representative which assures that the agent will receive compensation when a transaction is successfully closed. The client in turn has the benefit of the fiduciary duties from their agent as well as access to the agent’s market knowledge, negotiating skills, experience, expertise and professional tools.
This page contains information about Real Estate Agent, Realtors and Buyer Agency and Representation in the Saint George Utah area. This information is also applicable for St. George Utah, Washington Utah, Ivins, Utah, Santa Clara, Utah, Hurricane, Utah, Dammeron Valley, Utah, LaVerkin, Utah, and Cedar City Utah.