Buyer’s Agent Responsibilities

April 12, 2024

There are many moving parts to a full Real Estate transaction. These are some items that we manage so you don’t have to.

REPRESENTING BUYERS

  • Provide fiduciary responsibilities to our buyers through agency laws
  • Understanding Real Estate contracts and contract law
  • Stay on top of market trends, statistics and changes to bring valuable information to our buyers
  • Manage all details of the transaction protecting buyers’ timelines, deadlines and contingencies
  • Financial & time investments up front for researching and viewing properties for sale
  • Protecting buyers’ interests so they are not in default of contract
  • Handling potential issues that may arise from liabilities on the premises
  • Understanding all state and federal Real Estate, Equal and Fair Housing laws
  • Understanding ongoing changes to tenants’ rights and applicable laws
  • Manage buyers’ responses to health issues, expectations, disappointments, feelings and moods as they change
  • Manage family, partner, and other influential relationships including challenging emotional experiences
  • Manage the difficult transitions between simultaneously selling and buying by protecting buyers’ interests
  • Manage sensitive personal situations including marriage, divorce, bankruptcy, job loss & transitions
  • Balance the fact that sometimes we have multiple clients that we have a fiduciary duty to that pursue the same property.
  • Work outside of normal working hours because ‘time is of the essence’
  • Work on short notices because ‘time is of the essence’
  • Work on the contingency that the transaction will close as competing clients must agree on the terms and conditions
  • When transactions fail, start over from the beginning while encouraging positivity and managing buyers’ emotions
  • Consult with buyers to learn their goals and interests
  • Discuss Agency Relationships and Buyer Broker Agreements
  • Qualify buyers with their abilities to purchase
  • Discuss the home buying process and funnel process
  • Discuss the purchase contracts and addenda
  • Discuss all buyer contingencies and protections
  • Consult with any listing agents to try to gather as much information to position the buyers in the best light
  • Discuss strategies to craft the best offer specifically for the sellers and property that buyers are interested in
  • Discuss offer strategies to protect buyers interests taking into consideration the proper process of paying for inspections and appraisals
  • Consult with buyer’s lender to ensure the proper verbiage is used in crafting offer for buyers
  • Advised by lender to take into account any important and confidential information to protect buyers interests
  • Consult with lender to understand buyer’s lending guidelines and restrictions
  • Consult with buyer over their lender’s estimate
  • Search through the many properties in buyer’s given criteria to find the most suitable for buyers
  • Network with other agents to identify off market properties or coming soon pocket listings
  • Tour potential properties with buyers
  • Perform a market analysis on interested property to ensure value
  • Research property’s ownership and deed type
  • Research property’s public record information for lot size and dimensions
  • Research and verify legal description
  • Research property’s current use and zoning, deed restrictions
  • Consult with surveyor if needed
  • Verify legal names of owner(s) in county’s public property records & deed of trust or contract
  • Craft offers with respect to the fiducial responsibilities to the buyer’s interests
  • Understand the many lending guidelines ahead of time that would prohibit buyers to purchase certain properties
  • Discuss the specific items that appraisers are looking for that would be problematic for buyers
  • Discuss certain limitations that are revealed through CC&Rs that may be burdensome to buyers
  • Ensure that any credits from the seller are allocated to the buyer and not wasted
  • Ensure the listing side has all signed documents and signed disclosures
  • Ensure buyers have submitted proper earnest money so they are not in default
  • Research any geotechnical, slide or flood plain issues
  • Advise researching against any insurance CLUE reports
  • Schedule all inspections including full home, pest & dry rot, termite, lead based paint, sewer or septic, asbestos, radon, mold, foundation & well system inspections, if applicable within the timeframes allowed
  • Assist all inspectors to fully inspect all areas of concern for the buyer
  • Advise buyer on further specialty inspections 
  • Ensure seller’s compliance with some inspection processes
  • Receive all property disclosures and consult with buyer any areas of concern
  • Negotiate any repair issues on buyer’s behalf
  • Confirm all repairs are completed by licensed & bonded contractors as applicable by law
  • Understanding Oregon Contractor Control Board rules and laws within Real Estate transactions
  • Confirm buyers are satisfied with repairs through reinspection process
  • Examine preliminary title report to ensure there are no clouds unacceptable to buyers
  • Coordinate the appraisal inspection
  • Advocate for the buyer if there are any lender or appraisal issues
  • Manage any transactional details for land sales contract, if applicable
  • Prepare a utility sheet for buyers information
  • Ensure buyer’s insurance agent has issued insurance binder
  • Ensure seller is not a foreign investor to protect buyers potential tax penalty
  • Consult with buyer regarding the closing disclosure documents
  • Schedule closing appointment with buyers and escrow closing officer
  • Ensure the closing statement is accurately calculated for buyer
  • Ensure buyer brings in the correct amount of funds at closing and in the proper form
  • Guide buyer to location of signing and preparing them for the expectations for closing
  • Present utility information sheet to buyers
  • Present keys and possession to the buyers
  • Ensure sellers leave all fixated and personal property included in the transaction for buyers
  • In the case of a rental, ensure the rent rolls and deposits have been transferred to the buyer
  • If rental, ensure sellers understand current landlord/tenant laws to ensure proper transfer of possession
  • Ensure the property is in expected condition upon possession
  • Follow up with buyers to ensure there are no surprises and help facilitate closure to any challenges
  • Ensure buyers receive their Title Insurance Policy
  • Follow up consistently to provide education, contractors, market updates and other resources that benefit our clients

We understand that the services for good Real Estate Professionals can be expensive. Here is an explanation as to why the costs have traditionally been based on a contingency fee.

Buying or selling? We can help!

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Paramount Oregon Paramount Oregon
1008 12th St. SE Salem OR 97302
(503) 385-1518
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Principal Brokers & Brokers Licensed in the State of Oregon