Buyer Representation
An important first step in purchasing real estate is your selection of a real estate agent to represent you. We would suggest that you interview several agents and ask them how they work with buyers and what services they provide – and get several references from each agent. Your selection of an agent will determine how well you meet your needs in the purchase. It is essential that you like, trust, and feel you can have an active give and take conversation with your agent about everything in the buying process. You want an agent who will keep you well informed, represent your interests with intelligence, and keep your confidential information confidential.
The Realtor you select will help you search, keep you informed about all possibilities, and discuss the pros and cons of each property you consider. Your Realtor will also manage the entire process, from searching to settlement, help you find a good loan officer and settlement company, anticipate and solve problems, and protect your interests in each part of the process.
Once you and your agent determine that you are a good business match and you want this Realtor to represent you in your purchase, your agent will ask you to read and execute a Buyer Agency Agreement. This agreement spells out the agent’s obligations and duties to you as well as the terms of representation and compensation. In a typical transaction, the seller pays the compensation to the buyer’s agent as part of the transaction and the amount of compensation is spelled out in the MLS property listing’s offering of cooperation to other agents.
In Virginia, the legal and ethical responsibilities of your agent are established by Virginia statute and by the rules and regulations of the Virginia Real Estate Board and these are reflected in this agreement.  Additionally, Realtors subscribe to a national Code of Ethics that govern professional behavior and actions. Real estate professionals are regulated and proactive in the promotion of ethics and best business practices in real estate.
If you do not wish to be represented in a transaction, an agent can represent the seller in the transaction and provide you with information and certain services. In this case you will be asked to sign the Virginia mandated Agency Disclosure acknowledging that you are not being represented.
The Realtor you select will help you search, keep you informed about all possibilities, and discuss the pros and cons of each property you consider. Your Realtor will also manage the entire process, from searching to settlement, help you find a good loan officer and settlement company, anticipate and solve problems, and protect your interests in each part of the process.
Once you and your agent determine that you are a good business match and you want this Realtor to represent you in your purchase, your agent will ask you to read and execute a Buyer Agency Agreement. This agreement spells out the agent’s obligations and duties to you as well as the terms of representation and compensation. In a typical transaction, the seller pays the compensation to the buyer’s agent as part of the transaction and the amount of compensation is spelled out in the MLS property listing’s offering of cooperation to other agents.
In Virginia, the legal and ethical responsibilities of your agent are established by Virginia statute and by the rules and regulations of the Virginia Real Estate Board and these are reflected in this agreement.  Additionally, Realtors subscribe to a national Code of Ethics that govern professional behavior and actions. Real estate professionals are regulated and proactive in the promotion of ethics and best business practices in real estate.
If you do not wish to be represented in a transaction, an agent can represent the seller in the transaction and provide you with information and certain services. In this case you will be asked to sign the Virginia mandated Agency Disclosure acknowledging that you are not being represented.
