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Steps for Buying a Home
Shopping for a Home
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Finding an Agent
One of the most common and perhaps best ways to find an agent is through a personal referral from either a member of your family or a friend who was very satisfied with the service they received from their agent. If this option is not available (if you have recently moved to a new city, for example), you can approach the managing broker of a real estate office in the area where you would like to live. The broker should be willing to meet with you and suggest two or three agents that you can interview. Be sure to ask each agent for past client references you may contact to discuss their experience with the agent. If you aren’t satisfied or comfortable with any of the agents you interview, conduct the same process with another local real estate office.

Get a Written Agreement
The laws governing real estate professionals vary from state to state. In a few states, an oral agreement is sufficient to establish an agency relationship between the agent and the buyer or seller client. However, in most cases, it is required or highly recommended that you have a signed written agreement establishing the terms of the agreement and the responsibilities of the agent.

Your Agent's Responsibility
An agent is always responsible for promoting and protecting the best interests of the client. In most states agents have what is called a fiduciary responsibility to their clients (also referred to as the ‘principal’). A fiduciary relationship is a legal obligation to act for or on behalf of another person under circumstances that require total trust, good faith and honesty. Fiduciary duties in the real estate industry are generally described as those of care, obedience, accounting, loyalty and disclosure. In other states, legislation spells out specific (or statutory) duties the agent owes to both clients and customers. (The party that the agent does not represent is referred to as a customer.) For example, an agent’s statutory duty owed to the buyer may be to: seek a property at a price and terms acceptable to the buyer’s specific requests or needs; to present all offers in a timely fashion; to disclose all material facts about the property; to account for all monies received; to maintain all personal and financial information confidentially; and to comply with all applicable laws and fair housing regulations. Customers must also be treated honestly.

Your Agent Must Protect Your Best InterestsIn all circumstances the agent’s primary responsibility is to act to protect the best interests of the client. Your agent will do research for properties that meet your needs and wants, prepare all required documents and work with you throughout the entire loan process.

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