What Is Buyer Agency?
If you're working with me to help you find the ideal home in the Kamloops area, I recommend you enter into a Buyer Agency agreement.
It's simple, when you list a Kamloops house for sale with a REALTOR®, you sign a listing contract... when you are going to buy a Kamloops home you should enter into a Buyer Agency Agreement. Just like the listing contract gives people selling their homes rights and services, so does the Buyer Agency Agreement.
Buyer agency is defined legally, as a principal-agent relationship in which the broker is the agent for a buyer, with fiduciary (loyalty) responsibilities to the buyer. What does that mean? It means that as a buyer's agent I am tied to you the buyer... that all of my loyalties are to you the buyer not to the party selling the home we may be looking at. Buyer agency is a relatively new concept in the real estate industry. It is becoming more popular now with the recent changes in Agency that happened on June 15, 2018.
When we meet, let me explain to you how Buyer's Agency agreements may help you with finding your perfect home. In most cases if you are buying a home on the MLS, it costs you nothing to be covered under a Buyer Agency Agreement, as the Sellers of the homes you are viewing pays the commission which divided between the Selling and Listing agent.