Buyer's Agent Basics

It’s no surprise that first-time home buyers have questions about the role of a buyer’s agent. How does the agent get paid? Should you sign the buyer's agent contract? Here are some points to keep in mind.

• Real estate agents are independent contractors who earn money after a buyer or seller closes on a home. They work under a broker’s license.

• The buyer agent’s agreement is an agreement between the buyer’s agent and the home buyer explaining the duties of the buyer agent. It is also a promise to write an offer through this agent.

• Only the seller pays the commission. Yes, you heard that right. It bears repeating. If you are looking to buy or rent a home, you don’t pay the buyer agent’s commission. Technically, he’s working for you for free, until of course he gets paid after the home closes and the bill is paid.

• Can the list agent represent me? Unless the sellers have signed an agreement to indicate otherwise, yes, it is possible. It’s called dual agency. However, conflicting interests may arise and so it is best to have your own agent who will be working on your behalf only.

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