March 31st, 2020

Bozeman Real Estate Buyer Agency

Bozeman Real Estate Buyer Agency

Bozeman Real Estate Buyer Agency Contract Details

In Bozeman real estate transactions, Buyer Agency is the principal agent relationship in which your Agent is the broker for your property and has fiduciary responsibilities to you, the Buyer.

A buyer signs a contract with a Bozeman real estate broker, authorizing the broker to act as the “buyer’s agent” in the buyer’s realty transactions, and the buyer’s agent agrees to work in the best interests of the real estate buyer in all transaction aspects for which the contract has been signed.

The real estate agent’s loyalties are with the buyer, and it’s the agent’s duty to share any information about the property and all information about the sellers that may help the buyer make decisions regarding a transaction.

Bozeman Real Estate Buyer’s Agent Duties:

  1. Exercise reasonable skill and care for the Buyer.
  2. Seek a price and terms acceptable to Buyer.
  3. Disclose the following only with informed consent of the Buyer.
  4. Perform the terms of the written agreement.
  5. Present all offers to and from the Buyer in a timely manner.
  6. Disclose to the Buyer adverse material facts actually known by Broker.
  7. Promote the interests of the Buyer with utmost loyalty, good faith and fidelity.
  8. Advise the Buyer as to material benefits or risks actually known by Broker.
  9. Facts or suspicions which may psychologically impact the purchase.
  10. Account in a timely manner for all monies and properties received.
  11. Any material information about the Buyer unless required by law.
  12. Comply with all local, state, and federal laws.
  13. That the Buyer is willing to pay more than the purchase/lease price.
  14. What the motivations are of the Buyer.
  15. Advise the Buyer to seek legal and other expert advice.
  16. What financing terms the Buyer would agree to.
  17. Agency termination results when one or more of the 3 aspects below is changed:
  • Accountability for monies and properties.
  • Confidentiality of information received during agreement unless:
    a. Required by law.
    b. Released in writing by engaging party.
    c. Information is made public by source other than Broker.
  • Compensation:
    a. Payment of compensation shall not be construed to establish agency.
    b. Compensation may be paid by the Buyer or Seller or third party.
    c. The identity of source of compensation shall be disclosed to all parties.
    d. Compensation by more than one party is permitted with the written consent of the parties.

National Association of REALTORS® Definition of “Agency.”


BOZEMAN REAL ESTATE REPORTS

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