A buyer’s advocate is a person who helps you through the home-buying process. They can be an agent or a lawyer, but they’re always working on your behalf. Simply put, their purpose is to research the property in question and ensure you to get the best deal possible. Advocate means legal professionals, and buyers advocates are property lawyers who can prepare your legal documents to purchase a property.
They’re your voice when it comes to negotiating prices, they’ll help you find a lender who will work with your needs, and they’ll also protect against any potential problems with the home (such as previous liens or zoning issues).
What Is a Buyer’s Advocate?
Buyer’s advocate (also known as a real estate agent) is a title given to a person who serves as an independent negotiator between two or more parties involved in the sale of a real estate property. The role is equivalent to that of an attorney or manager in other industries.
A buyer’s advocate usually has no affiliation with any particular seller but they can charge a brokerage fee. Buyers’ advocates work on behalf of buyers and sellers, negotiating from the perspective of both parties to minimize conflicts and ensure that all terms are met by all parties involved in the transaction. In some cases, buyers’ advocates may act as mediators or arbitrators on behalf of their clients, helping them to resolve disputes out of the court.
Buyers’ advocates may work full-time or part-time but typically have regular office hours during which they can meet with clients at their convenience. Buyers’ advocates are generally independent legal professionals who can charge on hourly basis, or they can charge a fixed commission. To choose an advocate within your budget, you can consult with a legal firm. They have many advocates and legal professionals in their team, and they can assign an advocate for your deal within your budget.
Roles of a Buyer’s Advocate:
Buyer’s advocates are a vital part of the real estate process. They’re there to help you navigate the process and ensure that you have all the information and documents required for your property deal.
Buyer’s advocates can:
- Help you understand how to close the deal. Buying a property is a complicated process because you need to find out the disputes of the property to save your funds. Advocates can do this work for you and help you to choose the best deals.
- Guide you through the closing process and answer questions about it, including when you can expect to get paperwork back from your lenders, how long it will take, how much money they’re asking for, and more.
- Answer questions that arise during the transaction process and help resolve any issues that might arise between buyers or sellers.
- Assist with pre-closing preparations, including preparing forms or documents that need to be signed to close a deal.
- Monitor the transaction process from beginning to end, ensuring that everything goes smoothly and that buyers and sellers receive any money due them when the deal closes.
Should You Have a Buyer’s Advocate When Buying a Home for the First Time?
Having a buyer’s advocate can be an excellent idea if you’re a first-time buyer. You may not know exactly how to buy a property, what documents are required and where to find the best mortgage deals.
A buyer’s advocate can help you with all these things. An experienced buyer’s advocate will know how to navigate the home-buying process and can advise you on what types of homes are available in your price range and location preferences.
Are Buyer’s Advocates Expensive?
Buyer’s advocates are relatively inexpensive. A buyer’s advocate may charge a flat fee, for example, or an hourly rate for their services. In some cases, the seller of a home will pay for the buyer’s advocate to help with negotiations. If you’re interested in hiring a buyer’s advocate, it’s essential to do some research before deciding on price or services.
A buyer’s advocate can be an invaluable asset to first-time home buyers. If you’re looking to buy a home, consider using the services of a buyer’s advocate who knows how to navigate the process and help make it easier for you.