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Old 10-10-2007, 11:02 AM
DrewDevil DrewDevil is offline
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Join Date: Mar 2006
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Default Re: Basic legal things everyone should know

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2. When buying a house, never agree to use the seller's broker as your buying agent. It makes no sense for a broker to act on behalf of the buyer and the seller, because then she isn't fighting hard for either side.

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AFAIK, unless you have a buyers/broker agreement with an agent, the agent is ALWAYS the agent of the seller. A buyer/broker agreement locks you into using an agent (or another agent in their firm if there is a conflict, e.g. the agent also being the listing agent) for purchasing for a set amount of time. That is, you agree that they will act as your agent for the purchase of any house for the next 90 days or however long the agreement says (but I thin k90 days is standard with maybe some option periods), and in exchange they will operate as your agent and not the sellers.

Again, if you are using the guy who showed you the houses as your buying agent and you do not have a buyer/broker agreement, they act as an agent of the seller.

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This is true, and it's also a conflict of interest for the agent to represent the buyer and seller. In many states the agent is prohibited from doing both. If there is just one agent, s/he is the seller's agent.
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