Buyer’s Agent.
A buyers agent is an independent licensed real estate agent working exclusively for you – the buyer on a full time basis, providing you with market knowledge, negotiating skills and savings in both financial terms as well valuable time, all along helping you to avoid stress, frustration and indecision.
Characteristics of a buyer’s agent can be defined as follows:
1. To act exclusively as a buyer’s agent in all real estate transactions;
2. To be completely independent from vendors and selling real estate agents;
3. To only receive income from buyers;
4. To not list or sell real estate;
5. To not act on behalf of, or receive income from any other party in a real estate transaction;
6. To not represent a principal where a conflict of interest exists or is likely to arise;
7. To hold a current real estate agent’s licence under the Property, Stock and Business Agents Act 2002 and any associated regulation;
8. To have a thorough knowledge and understanding of and always act in accordance with all legislation relevant to buyer’s agency practice;
9. To hold a current professional indemnity insurance policy;
10. To be able to execute a legislatively compliant written buyer’s agency agreement specifying the services to be provided and containing all applicable fees and disbursements, while clearly outlining both the agent’s and principal’s obligations under the agreement.
