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Featured Northeast Washington Real Estate |
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Northeast Washington Real Estate Buyer Representatives
Northeast Washington Real Estate Buyer Representatives are primarily Buyer Representatives, also known as Buyer Brokers and Buyer Agents. But don’t worry Sellers, we do not discriminate; we’d be happy to work with you. We even have one agent who specializes in working with Sellers and listings.
Buyer Agency has been around since the mid-1990s with the agency law. Before that time, all real estate agents were sub-agents of the Seller. Part of the agency law also changes the Buyer Agency duties from Fiduciary to Statutory duties. Without this change, a Seller’s agent or Listing agent would not be able to represent the Buyer in purchasing the Seller’s property. A situation where the Seller’s agent and the Buyer’s agent are the same is known as Dual Agency. These duties of the Seller agent, Buyer agent, and Dual agent are summarized in the Law of Agency Pamphlet.
Over time Buyer Brokerage has been evolving. In October 2022, there were significant changes to the Buyer Brokerage Agreement and corresponding modifications to Purchase and Sale Agreements and other forms. These changes were made to provide more transparency to the compensation paid to the agents and provide the Buyer and Buyer Brokerage the ability to negotiate the compensation the Buyer would pay the Buyer Brokerage.
Many Buyers believe that the Seller pays the Buyer’s Brokerage fee. That is not the case. The Buyer is paying the Buyer Brokerage fee. The Buyer or the Buyer’s lender sends the Buyer’s funds to the escrow company for closing. The Escrow company disburses funds to the various entities receiving funds from the transaction. The Buyer Brokerage is one of those entities. The seller never receives the funds for the Buyer’s Brokerage compensation. The Buyer’s funds were delivered to escrow and disbursed to the Buyer’s Brokerage. The Seller did not pay the Buyer Brokerage fee.
The changes and new forms are designed to change that and provide a vehicle for the Buyer to negotiate the fee they pay their Buyer Brokerage. Sellers will still be able to provide compensation, known as Selling Office Compensation (SOC), to a Buyer Brokerage that brings a Buyer to their sale. The new forms are designed to address whether the Seller’s compensation is equal to, more than, or less than the compensation agreed to by the Buyer and Buyer Brokerage.
The Northeast Washington Real Estate Buyer Representatives are already well versed in using the new forms and anxious to put them to work for your next purchase.
Contact us.