![]() ![]() ![]() Without a Buyers Agency agreement in place, agents are limited by Georgia agency law on the types of information and advice that can be discussed.The good news – there are only distinct advantages to a Buyers Agency agreement. Think of an Attorney/Client relationship as a good comparison. He or she cannot, and will not tell you all you need to know about one of the largest financial purchases you’ll make in your lifetime since they are contractually bound to the seller. ![]() Similarly, onsite Agents at new home communities represent the Builder, not the buyer. Simple: The Listing or Selling Agent with the sign in the ground represents the seller of that property. Always acting in the clients best interests.Now buyers have the option of choosing a buyer’s representative who is contractually bound to their fiduciary interests instead of the seller’s or builder’s agent. This agreement called a “Buyer Agency” or “Buyer Brokerage Agreement” is when a Real Estate Agent or Broker enters into a contract to represent the Buyer in the purchase of a home or property. Today, the state of Georgia requires a written agreement to be in place for an agent to represent a buyer or tenant. Prior to this law going into effect, all agents involved in a real estate transaction represented the seller. This law is titled the “Brokerage Relationships in Real Estate Transactions Act” and is known by its initials – BRRETA. In 1993 the State of Georgia passed one of the most comprehensive consumer protection laws ever enacted regarding real estate. One of the most frequently asked questions we receive every day is – What is a “Buyers Agency” or “Buyers Brokerage Agreement” and why is it so critically important? ![]()
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