A Buyer Agent is a person who buys for another party. The term “Buyer Agent” is commonly used in real estate transactions. Other names for the agent include indenting agents, indentors, indenting brokers, and indentor. It refers to an individual who makes a formal offer to purchase property or goods from a third party. The Buyer’s agent may be an independent contractor, or an employee of a real estate brokerage.
Why Need Is a Buyer Agent?
When working with a buyer’s agent, it is important to understand the responsibilities of the agent. Typically, the Buyer’s Agent is responsible for negotiating the contract between the seller and the buyer. The buyer’s agent will advise on ways to make the offer competitive, and he or she will inform the buyer of counteroffers that the seller might have. The agent will also negotiate the price. This is where the buyer’s agent is most helpful.
A Buyer Agent has fiduciary responsibilities to the client. He or she must be impartial and work in the best interest of the buyer. According to Stephen Brobeck, senior fellow at the Consumer Federation of America, a Buyer Agent’s duty is to advise the client in the best interests of the client. An agent’s knowledge of the market and his contacts may allow him or her to access properties that are not listed on the MLS.