According to the National Association an Exclusive Buyer's Agent is an agent whose company represents only the buyer's best interests on any home the buyer wants to purchase, including homes listed by the buyer agent's company.
Keywords: Kings New York, exclusive buyer-broker agreement, agency disclosure, types Description: The Kings New York Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract that outlines the relationship between a buyer and a real estate agent in Kings County, New York. This agreement sets forth the terms and conditions under which the agent will represent the buyer in their real estate transactions. The primary purpose of the exclusive buyer-broker agreement is to establish a fiduciary relationship between the buyer and the real estate agent. This means that the agent is obligated to act in the buyer's best interests, offering loyal and confidential representation throughout the buying process. It ensures that the buyer's needs and preferences are fully understood by the agent. The agency disclosure aspect of the agreement refers to the disclosure of the agent's role and responsibilities to the buyer. It clarifies whether the agent is acting as a single agent, dual agent, or transaction coordinator and ensures the buyer understands the potential conflicts of interest that may arise. Different types of Kings New York Exclusive Buyer-Broker Agreement and Agency Disclosure may include: 1. Single Agency Agreement: In this type of agreement, the agent exclusively represents the buyer and owes them undivided loyalty and confidentiality. 2. Dual Agency Agreement: This agreement occurs when the agent represents both the buyer and the seller in the same transaction. Dual agency requires the agent to act neutrally and fairly for both parties, disclosing any relevant information to each. 3. Transaction Coordinator Agreement: This type of agreement appoints the agent as a transaction coordinator, essentially acting as a neutral party responsible for facilitating the transaction without representing either the buyer or seller. Regardless of the type of agreement, it is crucial for buyers in Kings County, New York, to have an exclusive buyer-broker agreement and agency disclosure in place to protect their interests and ensure they receive proper representation throughout the buying process.Keywords: Kings New York, exclusive buyer-broker agreement, agency disclosure, types Description: The Kings New York Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract that outlines the relationship between a buyer and a real estate agent in Kings County, New York. This agreement sets forth the terms and conditions under which the agent will represent the buyer in their real estate transactions. The primary purpose of the exclusive buyer-broker agreement is to establish a fiduciary relationship between the buyer and the real estate agent. This means that the agent is obligated to act in the buyer's best interests, offering loyal and confidential representation throughout the buying process. It ensures that the buyer's needs and preferences are fully understood by the agent. The agency disclosure aspect of the agreement refers to the disclosure of the agent's role and responsibilities to the buyer. It clarifies whether the agent is acting as a single agent, dual agent, or transaction coordinator and ensures the buyer understands the potential conflicts of interest that may arise. Different types of Kings New York Exclusive Buyer-Broker Agreement and Agency Disclosure may include: 1. Single Agency Agreement: In this type of agreement, the agent exclusively represents the buyer and owes them undivided loyalty and confidentiality. 2. Dual Agency Agreement: This agreement occurs when the agent represents both the buyer and the seller in the same transaction. Dual agency requires the agent to act neutrally and fairly for both parties, disclosing any relevant information to each. 3. Transaction Coordinator Agreement: This type of agreement appoints the agent as a transaction coordinator, essentially acting as a neutral party responsible for facilitating the transaction without representing either the buyer or seller. Regardless of the type of agreement, it is crucial for buyers in Kings County, New York, to have an exclusive buyer-broker agreement and agency disclosure in place to protect their interests and ensure they receive proper representation throughout the buying process.
