Colorado Real Estate Agency Options
In Colorado, your options are to purchase a house as a customer, with a Transaction Broker or utilizing a Boulder home buyer agency agreement. BA is the best way to purchase your house. The buyer’s agent must do 3 critical things on your behalf:
- Represent your best interests.
- Notify you of any material risks.
- Seek your price as terms
Boulder Home Buyer Agency Legal Advantage
One of the biggest, unwritten advantages of having a written Boulder home buyer agency is in the eyes of the court, you have been represented by a knowledgeable professional. This is gives you something to fall back upon – especially if you later feel you did not receive the best advice. Buyers using a TB or acting as a customer (generally) have no legal relief from an agent.
Written Real Estate Agreement
When working with a Boulder home buyer agency, you will have a written, signed contract. If there is no written agreement, you are likely only working with a transaction agent. Good agents generally disclose their relationship to the seller and the options for working with you, the buyer, very quickly. I always work to discuss Boulder home buyer agency immediately with clients.
The Definitions of Real Estate, while no longer a DORA required document, is a great way to discuss and understand Boulder home buyer agency, transaction brokerage or being a customer. The Definitions of Real Estate is not a contract; it is a written disclosure. It explains the different legal meanings of each type of working relationship.
Of course, from experience, I have learned most new clients are not overly excited about signing anything the first time they meet an agent – not even a disclosure that says in big letters, “This is not a contract.” So I don’t require a client to sign anything the first time we meet to discuss buying a home. I do make certain to disclose Boulder home buyer agency right away.
Buyer Agency: It Is To Your Advantage
As you go about the process of finding and buying your new home, keep in mind your agent can represent you specifically by being a Buyer’s Agent. This has three important attributes.
- Put your best interests first.
- Notify you as to any material defects actually known by the agent regarding the property/transaction.
- Seek your price and terms.
A Transaction Broker does not do these three tasks; instead a TB focuses on closing the transaction. And sometimes, a buyer is not working with the agent at all, in which case the buyer is a customer. Folks are customers all the time – say when shopping at the grocery store. However, real estate transactions can have serious legal ramifications. Having an agent is to the buyer’s advantage. After all, the seller usually has an agent doing just that. As the buyer, you too deserve to be protected.
Generally, there is no up front fee to have an agent represent you as the home buyer. At closing, there will be a commission. 99% of the time, this fee is paid in full by the seller. So, you the buyer, do not have to pay an additional fee out of your pocket at closing to have the advantages of Boulder home buyer agency.
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