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ATLANTA BUYER AGENCY
Buying A Home in AtlantaUNDERSTANDING THE HOME BUYER PROCESS - Who represents Whom? When buying a home in Atlanta, it is always a smart idea to understand the process before you make an offer. It is always good to know who is representing who in the real estate transaction when buying or selling a home or property. The listing agent either on a resale home or in a new home subdivision does not represent you as a buyer in any shape or form under Georgia real estate law. They represent only the party that has employed their services, and have an obligation under Georgia law to represent that principal. The article below explains agency. If you do not have a buyers agency agreement signed, you are not represented in the transaction. * Effective July 1, 2000 STATE OF GEORGIA law prohibits Broker from representing Buyer as a client without first entering into a written agreement under O.C.G.A § 10-6A et. seq.* AGENCY LAW - WHEN BUYING A HOME IN ATLANTA - WHO REPRESENTS WHOM?** In a routine real estate transaction, usually the real estate agents represented 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. REALTORS® can now legally represent the buyer. REALTORS® 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 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. In Atlanta this is called Exclusive 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. 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 an "exclusive buyer agency" agreement. Under such an agreement, your interests as home buyers 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. * Effective July 1, 2000 STATE OF GEORGIA law prohibits Broker from representing Buyer as a client without first entering into a written agreement under O.C.G.A § 10-6A et. seq.* ATLANTA BUYER AGENTS SERVICES AS ATLANTA YOUR EXCLUSIVE HOME BUYERS AGENTS WE WILL:
12. Disclose all known facts. |
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