Atlanta Georgia Home Buying An Overview...

Atlanta Georgia Homes For Sale

AGENCY LAW - WHO REPRESENTS WHOM?** Atlanta Buyers Agents.

In a routine real estate transaction, usually the real estate agents represent the party who has signed an agreement with them to market their home, i.e. the seller.  It is important that you realize, as a purchaser of real estate, that times have changed. REALTORSâ can now legally represent the buyer as your buyer agents. REALTORSâ have a responsibility to you to be honest and ethical in presenting property to you and are required to divulge ALL KNOWN in a seller's property disclosure.  This is a list of facts and defects about a property in order for you to make an intelligent buying decision. However, at no time can they give you any information detrimental to the seller, and they must pass on to the seller any information they have about you, such as your willingness to pay more for a property than your offer indicates.  So why is this important? A seller's disclosure statement is an important tool for the buyer and the seller. It brings to all concerned parties a clearer picture of the home and a more accurate expectation level for the buyer.

An example: If the basement or a roof leaks, the buyer will know that this will need to be attended to before finishing off that family room downstairs or repainting the bedrooms. And if the furnace, air conditioner or hot water heater are old, but in working order, you will be prepared for its replacement when the time comes.

Sometimes the current owner may not know a property’s condition, especially if the property has been a rental. Be sure to review disclosures with your agent carefully and ask all the questions you have until you feel comfortable.  Do not be afraid to ask for a professional to further examine our options

However, you may also enter into a written agreement with the Agent to have him or her act on your behalf. This is called Buyer Agency or buyer representation.  Jim and Ellen can guide you through the maze of questions and issues that will arise, and as buyers agents will work on your behalf to resolve them or clarify.

Ellen and I choose to offer Exclusive Buyer Representation, and will specifically represent you, as our client, in the buying process, if you wish with a signed buyers agency agreement. This service is totally free to you, since the seller pays the commission! As members of the Real Estate Buyer’s Agent Council (REBAC), we’re skilled in providing excellent representation for buyers. The law requires that we have a written agreement, stating our mutual obligations. Under such an agreement, we have a legal duty to divulge to all parties that we are working under a "buyer agency" agreement. Under such an agreement, your interests will be represented. Costs are typically paid from the sellers’ funds at closing. A retainer fee is usually charged, which is credited to your costs at closing.