The State of Georgia recognizes a buyer’s agent as a realtor representing a buyer’s interests in a real estate transaction. Typically, the listing agent represents the seller. Why would you want the seller’s representative acting on your behalf in such a critical proceeding?
Like most buyers, you want to work with a dedicated professional who will advocate for you, educate you, and provide you with key information needed to make informed decisions. Beth will ensure that you understand everything you need and want to know about the home-buying process in Atlanta.
Why Beth?
Beth is a full-service real estate expert who will coordinate ALL the reputable professionals to assist you in your home purchase. Whether you need a reputable loan officer, appraiser, inspector, or moving service, Beth has an experienced team in place that will make your move a success!
As your buyer’s agent, Beth will:
- EDUCATE you about the local Atlanta market
- LEARN your wants and needs
- ANALYZE your preferred criteria
- IDENTIFY and SHARE homes that meet your preferred criteria
- COORDINATE the work of other reputable professionals as needed
- NEGOTIATE the best price and terms of the contract on your behalf
- REVIEW and CORRECT contractual paperwork and deadlines to protect your interests
- SOLVE & RESOLVE potential problems that might arise in the transaction to ensure a successful purchase transaction experience
- CELEBRATE successes with you
- SERVE as an ongoing real estate resource for you
What is a Buyer’s Agent in Georgia, and how does a homebuyer assure that their real estate agent is representing him or her?
In Georgia, a real estate agent cannot, by law, represent you unless you have entered into a written agreement for agency (this is known as an Exclusive Buyer Brokerage Agreement). Many customers do not understand why an agent would ask them to sign a contract before showing houses, but the agent is acting in your best interest. You will want to review and sign an Exclusive Buyer Brokerage Agreement with your realtor to ensure you have representation.
The Official Code of Georgia, 10-6a et al seq. States that no one is represented as a client by an agent in a real estate transaction without first entering into a written agreement defining the relationship between a real estate agent and a client. The law states that if no written agreement is executed, the agent may only perform ministerial duties on behalf of the customer. That means that the agent cannot, by law, offer you any advice other than performing limited filling out of forms and offering lists of vendors. For example, if you have not signed an agreement with your agent, and they show you a house and say, “I think we should offer $10,000 less than the asking price,” the agent, who holds a broker’s license in Georgia, is subject to sanctions.
What are my obligations?
Suppose your agent is a Realtor® and used the Georgia Association of Realtors standard agency agreement. In that case, either party may opt out of the contract by providing written notice to the other party. However, you may be obligated to the agent for any homes or properties you have already viewed with the agent. That’s only fair, as the agent did his or her job and found you the property you want to purchase!
How much will a buyer’s agent cost me?
Commission Responsibilities in Georgia Real Estate Transactions
In Georgia, the obligation to pay a buyer’s agent commission is no longer automatically assigned to the seller. This financial responsibility is now a negotiable element of the transaction, to be determined through mutual agreement between the buyer and seller. Sellers are not required to offer compensation to a buyer’s agent, and buyers must establish the terms of their agent’s compensation in a written agreement before scheduling property tours.
Summary Overview
- Previous Practice:
Historically, sellers generally paid commissions for both their listing agent and the buyer’s agent, with these costs typically reflected in the final home sale price.
- Revised Regulations:
Sellers are no longer under any obligation to pay the buyer’s agent commission as part of the real estate transaction.
- Commission Negotiation:
The buyer’s agent commission payment is now a negotiable term between the buyer and the seller, subject to their agreement.
- Buyer Representation Agreement:
Buyers must enter into a written agreement with their real estate agent, confirming the agent’s compensation structure, before beginning any home tours.
- Seller’s Option:
Sellers retain the discretion to offer a commission to the buyer’s agent to increase the competitiveness of their listing or accelerate the sales process.
