Definition of Buyer’s Agent

A Buyer’s Agent is a licensed real estate professional who represents the interests of the buyer in a real estate transaction. They assist the buyer in every step of the purchasing process, from finding properties and negotiating prices to navigating paperwork and closing the deal.

The duties of a buyer’s agent include understanding the buyer’s needs and preferences, advising on market conditions, arranging property viewings, and ensuring that the buyer gets the best possible deal.

Related Real Estate Terminology

1. Listing Agent: The real estate agent who represents the seller of a property and works to list and sell the property for the best possible terms.
2. Real Estate Broker: A professional who holds a higher-level license than a real estate agent and can hire agents to work as a team under their supervision.
3. Dual Agent: An agent who represents both the buyer and the seller in the same real estate transaction.
4. Home Inspection: An examination of a property’s condition, usually performed by a professional home inspector before a sale.
5. Pre-approval: A lender’s confirmation of the amount they’re willing to lend to a potential homebuyer, based on an assessment of the buyer’s creditworthiness.
6. Closing Costs: Additional expenses (over and above the price of the property) incurred by buyers and sellers when transferring ownership of a property.
7. Escrow: A financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction.
8. Appraisal: A professional assessment of a property’s value.
9. Mortgage: A loan taken out to buy property or land, which is paid back with interest over a set period of time.
10. Earnest Money: A deposit made by a buyer to demonstrate their intent and ability to purchase a property.