Purchase a Vieques Property
When buying real estate; you have several choices as to how you may want a broker or sales person to work with you. For example, you may want them to represent only you (as a buyer’s agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (as a seller’s agent, see our “List Your Property” page).
Duties to Buyer:
If the real estate firm and its agents represent you, they must:
- Promote your best interests
- Be loyal to you
- Follow your lawful instructions
- Provide you with all material facts that could influence your decisions
- Use reasonable skill, care and diligence, and
- Account for all monies they handle for you
Once you have agreed (either orally or in writing) for the firm and its agents to by your, Buyer’s agent, they may not give any confidential information about you to sellers or their agents without your permission.
To make sure that your and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer’s agent without a written agreement but it is usually best to have a written agreement to avoid possible future conflicts.
Be sure to read and understand any buyer’s agreement before you sign it.
Services and Compensation
Whether you have a written or unwritten agreement, a buyer’s agent will perform a number of services for you. These may include helping you:
- To find a suitable property
- Arrange financing
- Learn more about the property
- Prepare and submit a written offer to the seller and
- Otherwise promote your best interests.
A buyer’s agent can be compensated in different ways. Whatever the case, be sure your compensation arrangement with your buyer’s agent is spelled out in your buyer’s agreement or in the purchase and sale agreement when you make an offer to purchase a property and that you carefully read and understand the terms of the written agreement before signing it.
You may permit an agent or firm to represent you and the seller at the same time. This “dual agency relationship” is most likely to happen if you become interested in a property listed with your buyer’s agent or the agent’s firm. A dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party. The dual agent must disclose to both parties that he/she is representing both parties.
If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of:
- what your relationship is with the dual agent, and
- what the agent will be doing for you in the transaction
If you are interested in purchasing a property and would like to speak with us about representing you in the transaction please contact us at your convenience to discuss further.