Purchase Real Estate in Puerto Rico
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 broker). 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 or Listing Broker). We at Bravos Boyz are happy to represent our clients in any of the three capacities. We work with all Brokers and Real Estate Firms on the island and can narrow your search for you and show you any property currently on the market whether it is our listing or that of another Broker.
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 be your, Buyer’s Broker, 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 broker 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 broker 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 broker can be compensated in different ways. Whatever the case, be sure your compensation arrangement with your buyer’s broker 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. If you, the buyer, are not compensating your buyer’s broker directly but rather a commission split (co-broke) is being paid to the Buyer’s Broker from the Seller then the Buyer’s Broker is still working for the Seller. In most instances all commissions are paid by the Seller and under the law the Seller is the one being duly represented. The only way to truly engage a Buyer’s Broker and have them represent only your interests is to make compensation to them directly with no compensation coming from the Seller.
The reality is that we at Bravos Boyz work to bring buyers and sellers together and represent all parties to insure that the process is completed in a professional manner. We know the Vieques marketplace and work to make transactions happen that are beneficial to all involved.
You may permit an agent or firm to represent you and the seller at the same time. This “dual agency relationship” happens if you become interested in a listing and contact the Listing Broker directly and allow them to inform you about and show the property directly. In reality this is how the majority of our sales are represented and offers the smoothest transaction for all involved. A dual agent must treat buyers and sellers fairly and equally and we at Bravos Boyz strive for this professionalism in all transactions we represent. 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 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.