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Buyer Representation

A REALTORS®’ Role

A real estate transaction can be one of the largest and most complex investments you make in your life. With the guidance of a qualified agent, you will more successfully navigate through the details of the transaction, including:

financing | appraisals | property repairs | zoning regulations | short sales | and more

All associates with our firm are REALTORS®, and must adhere to a Code of Ethics and protect your interests with professionalism, integrity and expertise throughout the transaction. Your Funkhouser Real Estate Group Associate has access to sophisticated tools and first class real estate education.

 

What is a REALTOR®?

A REALTOR® is a real estate licensee who is a member of the National Association of REALTORS®. REALTORS® are required to adhere to a Code of Ethics that outlines duties to clients, the public and fellow real estate professionals. The REALTOR® association is an advocate for the rights of property owners and educates its members on today’s market trends.

 

As a BUYER, what will a REALTOR® do for me?

  • assist in your home search
  • provide data about each property
  • explain financing options
  • create a negotiation strategy
  • draft and present offers
  • provide HOA documents
  • coordinate property inspections
  • coordinate property appraisal
  • conduct final walk-through
  • prepare for settlement
  • resolve unexpected issues

 

Are you currently a party to an Exclusive Brokerage Agreement?

If you have already signed a written Exclusive Representation Agreement with another agent, please let us know about the terms of this agreement including the property specifics and expiration date. It is not our intention to interfere with an existing representation agreement.

 

What are the benefits of signing an Exclusive Brokerage Agreement?

  • a clear understanding of representation services
  • a real estate professional who is representing your interests
  • access to view available properties (buyers/tenants)
  • advice on the buying and selling process
  • an advocate negotiating on your behalf
  • a guide from contract to closing

 

Brokerage Agreements

As of July 1, 2012, Virginia law (§54.1-2137) requires that all real estate brokerage agreements be in writing. The effect of this law requires a written brokerage agreement for a real estate licensee (agent) to provide licensed services. One of the advantages to a written brokerage agreement is that the consumer will be informed about the services being offered and any associated fees. The agent with whom you choose to work with will be able to represent your interests and advise you on most aspects of the property and transaction. Finally, it is in the best interest of both the client and agent to have clear expectations of the services and representation provided.

 

Terms of an agreement

The brokerage agreement must outline the services provided by the real estate licensee, how long services will be provided, and any associated fees. Depending on the needs of the client and service offered, a brokerage agreement may be as short as one day or as long as mutually acceptable. The agreement may be for specific properties or for a wide range of available properties.

 

Duties of an agent

All associates with Funkhouser Real Estate Group must abide by Virginia laws and the REALTOR® Code of Ethics. These standards require an agent to fulfill these obligations:

  • promote the interests of the client
  • maintain confidentiality beyond the terms of the agreement
  • account in a timely manner for all monies received
  • disclose material facts related to the property or concerning the transaction
  • treat all parties to the transaction honestly
  • perform under the terms of the brokerage agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exclusive Representation

The Seller and Buyer are exclusively represented by separate Agents and separate Firms. The Agent and the Firm are solely representing the interests of their respective clients.  This representation arrangement is created through a written Exclusive or Non-Exclusive Brokerage Agreement.

 

Designated Representation

The Seller and Buyer are exclusively represented by separate Agents within the same Firm. Agents solely represent the interests of their respective clients.  This representation arrangement is created through a written Disclosure of Designated Agency or Representation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dual Representation

The Seller and Buyer are represented by the same Agent and Firm who assist in facilitating a successful transaction. The Agent is limited in their ability to represent the Seller and Buyer. An Agent may NOT provide the following services in this type of representation:

  • cannot advise either party as to the terms to offer or accept in any counteroffer
  • cannot advise the buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law)
  • cannot advise either party as to what repairs of the property to make or request
  • cannot advise either party in any dispute that arises relating to the transaction

 

Unrepresented Party

The Seller is represented exclusively by the same Agent and Firm. The Buyer has no representation in this situation, however the Agent may provide ministerial acts to the Buyer to assist in facilitating a successful transaction. Ministerial acts include:

  • filling in the blanks of a contract while strictly following the Unrepresented Party’s instructions
  • deliver offers and counter offers
  • hold the escrow deposit in the Firm’s account

* The Agent may not provide any advice or service beyond ministerial acts to the Unrepresented Party in a transaction.
** A Seller may also be an Unrepresented Party in a transaction when a Buyer has representation.

Where do I go next?

Moving Checklist

After you have ratified your contract and fulfilled the contingencies, it is time to start thinking about your move! Use our checklist to help you...

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