Buying a Calgary Home? Let a Buyer's Agent Work for You!
Buying a Calgary home for sale can be overwhelming. Finding the right property takes time, knowledge of the local market, negotiating skills, and the expertise to deal with contracts. Each buyer has a different story. Maybe you're a first-time buyer, or perhaps you have to sell your home before you buy a new one. A buyer's agent understands these situations and is there to promote your interests and represent you through the entire process.
What can the buyer's agent do for me?
Your buyer's agent will help you through all stages of home buying and homes for sale, starting with a detailed search for the property that suits your needs and budget. This includes searching properties on the MLS Calgary (a large database of property listings) and any for sale by owner. If any of them appeal to you, your buyer's agent will arrange showings at your request.
Once you've found a property, you need to decide what price to offer. Your agent can prepare a comparative market analysis (CMA) that can help you decide on a price. Once you've named a price, your agent writes an offer and works to negotiate the price, terms and conditions in your favour. Your buyer's agent can help wade through all the paperwork that's part of a real estate deal.
Knowing all you can know about a home for sale is an important factor in your decision-making. For example, it's important to know what repairs are needed, what nearby future developments are proposed or, in the case of agricultural properties, the state of wells and quality of water.
Your buyer's agent must disclose everything known about the homes for sale that could impact your decision. For example, a neighborhood might be known to have water problems or homes built by a particular developer might have a history of foundation problems. If you have concerns your agent can't answer, you'll be advised to ask for advice from other professionals.
Buyer's agents can also lead you to other services necessary in the home buying process. The buyer's agent can search title and provide guidance on financing, property inspections or arranging for a real property report.
Your Buyer's Agent Works For You
Your buyer's agent has certain obligations, or fiduciary duties that they must fulfill to you, the client:
- Loyalty: The agent must protect your negotiating position at all times and work in your best interest.
- Obedience: The agent must carry out all of your lawful instructions.
- Confidentiality: The agent has an obligation to keep information confidential.
- Reasonable care & skill: The agent must exercise this when performing all duties.
Full disclosure of all relevant information that is known by the agent and that may influence your decision or affect the value of the home for sale.
Full accounting of all money and property placed in the buyer's agent hands while acting on your behalf.
Your agent will promote your interests, represent you throughout the transaction and will act only as your agent unless you agree otherwise. For example, you might be interested in a property listed by the agent or another agent in the same brokerage. In this case, you may want to allow your agent and the brokerage to act as a dual agent, representing both you and the seller. In a dual agency situation, the fiduciary duties the agent owes to you and the seller change. Learn more about this in the next section, "Understanding Buyer Agency, Part II".