Previously I covered basic steps involved in Selling your property in 5 videos.
Many clients I work with encouraged me to start making Buyer’s Guide in Real Estate and share the steps involved in buying a new property.
Step one of the Real Estate buyer’s guide is to Meet with your REALTOR®.
This is an important steps as you’d discuss your wish-list and criteria of the property of your desire. To understand what creates a criteria let review some of following list:
- Location and map area
- Style of the property ( Rancher, Duplex, Strata, Single family, Semi Duplex,…)
- Shape of the property (Gable, Heritage, Spanish, Teodor,…)
- Number of bedrooms
- Number of bathrooms
- Square Footage
- Front or back yard
- Pet restriction(Applies to Strata, Condominiums)
- Rental restriction (Applies to Strata properties and Condos)
- Age restriction (Applies to Strata Properties and Condos)
- Size of the kitchen and appliances
- Fuel type
- Renovated or handy-man friendly
In the first meeting with your Real Estate agent, other than your wish-list and criteria, you also creating the agency relationship and will discuss about Working With REALTOR® Brochure.
There are:
- Designated agency : Your REALTOR® owes you a fiduciary duty to you as Client. Yes there is a difference between client and customer that is very significant in Real Estate. As a client your agent owes you the fiduciary duty to A) Disclose all information to you B) working only in your interest C) Disclose any benefit and remuneration in result of this transaction to you D) advise you on price (reflecting on your interest) E) Skills and knowledge (will have another discussion reviewing this options)
- Limited Dual Agency : Your agent is also working with another client in the same transaction and has to be impartial toward everyone’s interest. This can flame some problem down the road as it creates conflict of interests.
- Customer relationship: The agent does not owe any Fiduciary duty toward the customer, except duty of skills and honesty. In this case the agent should not advise of any suitable price, but can help the customer along with the transaction by creating a contract of purchase and sale within the customer’s advise and discretion.
To have your agent assist you from A to Z in every step, knowing he or she will protect your interest. designated agency is the best selection.
Step 1 of Real estate buyers’s Guide
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Axelan Ziba is an author and researcher. He is specialized in business marketing, development and is a small business owner. He learns as he writes by researching and interviewing experts and professionals in many categories and topics. Join him in Facebook and become part of his pro network in LinkedIn All Axelan Ziba article's authored exclusively for BidsByPros.com All rights reserved. If sharing, credit Bids By Pros in article source.
