A buyer’s agent represents the buyer when purchasing real estate. A buyers must hold a licensed issued under the Property, Stock and Business Agents Act 2002. The NSW Office of Fair Trading is the licensing authority. Always ask for their license number and then check that the license is still valid by conducting a license check through the NSW Office of Fair Trading website Just click on the Check a property industry license on the top left hand side of the landing page and type in the license number. It will confirm whether or not the license is valid.
They must also comply with the Rules of Conduct . A copy of the Rules of Conduct can be located at the NSW Office of Fair Trading’s website under property professional licences. You should familiarise yourself with these rules prior to engaging their services. If in doubt about the conduct of an agent speak to Longmores Property Conveyancers or visit our website for contact details. Of course you can also contact the NSW Office of Fair Trading for advice.
Be aware, that when a Vendor lists their property for sale through a real estate agent, that real estate agent is working for the Vendor, not you the Purchaser. Your agent is there to look after your interests and provide independent real estate advice.
The real estate market is improving and many buyers are ready to return to the market. Depending on your personal circumstances you may wish to engage their services. Longmores Property Conveyancers can provide a list of recommended agents who act for buyers.
The services normally provided by an agent acting for the buyer is either one or two types.
Firstly, if you have already found the property you want, you can bring in your agent to help negotiate the price and other terms of the agreement.
Secondly and most importantly, a your agent will find the property that suites you best. They will then sit down with you to discuss the following
Your budget
Your ideal location
Your requirements for the residence e.g. number of bedrooms, bathroom etc
Again, they should have access to every property listed for sale in New South Wales and not just one particular area including access to property which may not be openly listed. Many agents have properties which are not activately advertised as the vendor may not want people to know the property is for sale without the prospective purchaser being qualified by the agent before information is passed to them.
Your buyer’s agent will have access to every piece of information about the property from land size to asking price, and even how long it has been for sale and what similar properties are selling for. Your buyer’s agent will make all the initial inquires and if it meets the brief which you have given to your buyer’s agent they will arrange an inspection for you.
Once a property has been located your buyer’s agent and the Vendor’s real estate agent will begin the negotiation process. When the vendor and yourself come to an agreement, the property conveyancing process will begin.
Longmores Property Conveyancers, being a specialized property conveyancer in New South Wales, will then commence their job finalizing the terms and conditions of the contract, advising you regarding any legal issues with the property, liaising with your mortgage provider regarding your loan approval, exchanging contracts, and attending to settlement.
For the best legal positioning dont forget your agent is a must, and they really do make the purchasing process as smooth as possible.
Judy Bliss, Property Conveyancers in NSW owns Longmores Property Conveyancers. With over 15 years of specialised knowledge in residential, rural, retail and commercial properties. Have a FREE 30 minute consultation with Judy by contacting her through our website.
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