For years Georgia did not have a buyer agency law in place. As a matter of
fact, the only party to have representation in the transaction was a seller.
However, the state of Georgia passed a law that provides the buyer to have the representation as well, but with a
few provisions.
First, the buyer needs to put his request for representation in writing by
signing a contract with a real estate broker. Â And, this request needs to
be in writing before going to look at houses and certainly before writing a
contract. Without this request in writing, Â every agent the buyer
talks to is technically representing the seller according to the way the law is
written. So, why would you want everyone in the transaction representing the
seller??
Well most don't. However, the way the law is written,
without a buyers agreement, the agent is obligated
to protect the  sellers price and interests and is NOT allowed to offer
advice or opinion to the buyer.
Unfortunately, what this means is that
any agent the unrepresented buyer talks to should not be given any confidential
 information as it may be used to the advantage of the seller, whom
legally, the agent represents.
So, let's say that a buyer, who decided not to sign a buyers agency agreement, decides to put an
offer in on a home. The buyer has to tell the agent exactly what they want in
the offer, without any advice or guidance being offered by the agent and the
buyer may or may not understand the contract or the real estate process, can
find himself in a world of hurt.
Ideally, the buyer should seek representation as
soon as they are ready to look at houses. I recommend even before hand because
there is a lot of education that goes into lending laws, pre approvals, etc
that can save a buyer a boat load of time. Â And Just a Few More Tips When Hiring a Buyers Agent:
· If you are concerned about
the commission, remember the commission is paid by the seller and can be
negotiated with a for-sale-by-owner seller as well.
· Meet with the agent first; see if there is a
comfort level with both the person’s knowledge and personality.
· ASK QUESTIONS!
Remember, it doesn’t cost you a thing to have us represent you, but it could
end up saving you a fortune.
Visit http://www.seasonsrealtygroup.com/Our-Team.html to
learn more about how ourEXCLUSIVE BUYERS AGENTS can help you
succeed in a world of uncertainty!
http://www.trulia.com/blog/winterbaserva/2012/02/georgia_s_buyer_agency_law_how_does_it_affect_you
