Traditionally, all REALTORS® have a fiduciary duty to the home seller to work on the seller’s behalf to obtain the best selling price. In most states, buyers can arrange to have an agent represent their interests, but this requires that you sign a Buyer Agency agreement before looking at properties.
A “buyer’s agent” can walk you through the buying process, give advice, schedule appointments, and negotiate on your behalf.
When a REALTOR® is working as a buyer’s agent they have undivided loyalty. You, the buyer, are their client and they must zealously represent your interests. The agent is required to maintain confidentiality in their dealings with you and to protect you from foreseeable risks of harm. The agent must also disclose all information concerning the property and its purchase that might affect the decisions you make.
Once you find a home and seal the deal, the listing agent and the buyer’s agent typically split the commission from the transaction. And, typically, the seller is the one who pays the commission… so using a buyer’s agent is often “free” to the buyer.
