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The role of a REALTOR changes depending on who the client is, buyer or seller. This list points out some of the typical jobs your buyers agent will perform during the process of buying a home.
A typical real estate transaction will involve about twenty people, and a key role of the agent will be to help manage that process.
The Buyers Agent checklist:
- Pursue the interests of the Buyer Client
- Agency Agreement, it’s like a basic job description
- Helps explain the process, sequence, contracts, mortgages, pre-approvals, closings
- Reviews Closing Costs on a HUD-1 Estimated Worksheet
- Explain Earnest Money Deposits, Escrow, and Default
- Listen and answer questions
- Shows client homes that client found on the internet or agent found doing research
- Generates comparable data for Buyer to understand current pricing (very important)
- Reviews and explains the Regional Sales Contract, Jurisdictional Addendum, Disclaimer Form, Contingencies Addendum, Additional Clause Addendum
- Completes, with Buyer, and presents any offer to Seller or Seller’s Agent
- Explains counter-offers, makes sure contract is ratified
- Helps schedule home inspections, radon tests, termite inspections etc.
- On new homes, schedule option selections
- Gets contract to mortgage lender and settlement company
- Gives Buyer insight into home owners insurance, locking mortgage rate
- Makes sure appraisal has been ordered within time frame
- Reviews Home Owner’s Association or Condo Documents and presents them to Buyer for review
- Contacts Title Company for updates, such as title or survey issues
- Contacts mortgage lender to make sure loan is in process, and provide any missing information
- Helps resolve Buyer or Seller issues that may delay closing or void the contract
- Schedules contractors to evaluate or any repair issues from inspections
- On new homes, contact builders rep for estimated closing date
- Schedule closing time, walk-through inspections, walk-through issues
- Review “rent-back” agreement if necessary
- Make sure Home Owner’s Insurance Policy is in place
- Confirm with Title Company that Buyer’s loan documents and Seller documents are ready to be signed
- Ensure Buyer has Certified Funds for amount due at closing, get proper wiring instructions
- Provide accurate contacts for utility transfers
- Be available at closing.
In the Northern Virginia real estate market, virtually every seller agrees to pay the buyer agent compensation. Check with me or your agent to review that paragraph of the Buyer Agent Agreement.
UPDATE 2012: The Virginia General Assembly passed a new consumer protection law that took effect July 1, 2012. Real estate licensees are now required to have written agreements with clients that disclose how they work and get paid. Disclosures forms are required to be signed even if the consumer is “just looking” – the General Assembly believes that consumers need protection and enacted these requirements on their behalf. Here is more about Virginia Code §55-517
