Buyer’s Agent

This is a real estate agent who represents the buyer in a property transaction. Their role is to help the buyer find the right property, negotiate the purchase price, and handle the complexities of the buying process. They work to ensure the buyer’s interests are protected and they get the best deal possible.

Historically, the seller paid the commissions for both the listing agent and the buyer’s agents. This commission was typically split between the two agents. However, under the new settlement terms, this traditional model will shift. The settlement removes the requirement for sellers to automatically pay the buyer’s agent’s commission. Now, the buyer may negotiate directly with their agent regarding their fees, which can be a flat fee, an hourly rate, or a fee per service. Buyers might also negotiate with sellers to include these fees in the closing costs, which could then be financed with the mortgage.