Standard C(1): A Buyer
Agent will discuss and evaluate the properties viewed with his/her
Buyer-Client, comparing each property shown with the target property
profile.
Standard C(2): Before
preparing an offer to purchase, a Buyer Agent will inform a
Buyer-Client about any defects or problems he/she has observed or in
any way discovered regarding the target property.
Standard C(3): Before
preparing a contract offer on behalf of his/her Buyer-Client, a Buyer
Agent will prepare a comparative market analysis, including
explanations and documentation, to determine the target property’s
market value. A Buyer Agent will not prepare an offer to purchase a
property he/she has not seen.
Standard C(4): Before a
Buyer-Client signs an offer to purchase, a Buyer Agent will provide
that Buyer-Client with an estimate of closing costs and, whenever
possible, with the truth-in-lending estimate provided by the mortgage
company.
Standard C(5): A Buyer
Agent will counsel his/her Buyer-Client and explain the choices
available in completing a real estate contract. This real estate
counseling is based upon a Buyer Agent’s experience in negotiation
and real estate business decisions and is not legal advice. Legal
matters should be identified and a Buyer-Client advised to seek legal
counsel where appropriate.
Standard C(6): Whenever
possible, a Buyer Agent will prepare the contract offer on a form
which has been designed to protect a Buyer-Client’s interest. A
Buyer Agent will provide proper disclosures regarding agency
representation and other matters as required by law.
Standard C(7): A Buyer
Agent will develop contract negotiation strategies with his/her
Buyer-Client, establishing pre-set limits on key points of negotiation
when that Buyer-Client wishes to do so. A Buyer Agent will actively
negotiate only on behalf of his/her Buyer-Client.
Standard C(8): Before
submitting a contract offer to a Seller, a Buyer Agent will counsel
his/her Buyer-Client regarding the time requirements specified in the
contract and will encourage that Buyer-Client to have professional
inspectors inspect the property if the contract is accepted.
D. SERVICES PROVIDED
IN THE ESCROW-TO-CLOSING PHASE
Standard D(1): A Buyer
Agent will counsel a Buyer-Client regarding the types of home
inspectors, the suggested criteria for selecting home inspectors, and
the comparative costs of inspection services. A Buyer-Client will
select real estate inspectors. A Buyer Agent will encourage his/her
Buyer-Client to be present during inspections.
Standard D(2): A Buyer
Agent will notify a Seller or a Seller’s Agent in writing of
inspectors’ findings and of corrections/repairs mandated by a
Buyer-Client. A Buyer Agent will specify a Buyer-Client’s desire to
proceed or cancel the purchase contract whenever such notification is
required.
Standard D(3): A Buyer
Agent will maintain contact with a Buyer-Client’s title company and
mortgage company to make sure that his/her Buyer-Client’s interests
are being protected.
Standard D(4): A Buyer
Agent will review a settlement statement with his/her Buyer-Client at
or before closing, if possible.
Standard D(5): A Buyer
Agent will accompany a Buyer-Client on a property walk-through before
closing.
Standard D(6): A Buyer
Agent will attend a closing with a Buyer-Client. A Buyer Agent should
be prepared to support his/her Buyer-Client’s position at closing.
Standard D(7): A Buyer
Agent will keep records of transactions for a reasonable period of
time and will provide this information to a Buyer-Client on request.
These Standards of
Practice establish obligations that include all those consistent with
the "Common Law of Agency" and are considered to be
client-level, not customer-level, services. These obligations are, in
many instances, higher than those mandated by law. If there is any
case where the law requires a greater obligation than these Standards
of Practice, then the requirements of the law must be followed. It is
the duty of each individual Exclusive Buyer Agent to make himself or
herself aware of the laws, which may affect him or her. PRAEDIUM
REAL ESTATE SERVICES
will never represent a seller, and will never have even a casual
relationship with sellers, which could cause confusion and
misunderstanding as to whom we represent.
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