These responsibilities are defined by state laws, the Realtor Code of Ethics, general principles of agency and court decisions. That's the legal definition.

But what does a Buyer's Agent actually do for the home buyer? Like other agents, a Buyer's Agent will show you available homes, point out the property's features, provide financing information and submit the offer to purchase. But that's not all. As your representative, a Buyer's Agent will share valuable and essential information with you if the agent knows it, such as:

• Whether the seller would accept a lower price
• The seller's reason for selling and timetable
• How long the home has been on the market
• Previous offers and counteroffers for the property
• Strengths and weaknesses of the property

Most important for many buyers, you can ask a Buyer's Agent for advice and assistance in setting your offering price and structuring the other terms of your offer. What's more, you'll have peace of mind knowing an advocate is working on your behalf to help you buy at the best possible terms.

"Who Needs a Buyer's Agent?"

If you want to make sure you buy smart, you need a Buyer's Agent. If you're a first-time buyer, if you're relocating or unfamiliar with the local real estate market, if you're buying for investment and want negotiating help, or if you need to purchase anonymously, you'll be best served by a Buyer's Agent who puts your interests first. Also, if the real estate professional helping you find a home is a relative, close friend, a business associate or you previously were the agent's home-selling client, chances are you'd expect the agent to represent your interests and should establish a Buyer Agency relationship. Or, if you just want to get the best value in a property and an agent, you owe it to yourself to be the most knowledgeable buyer you can be.

"Can a Seller's Agent Help Me Buy?"

Without a Buyer's Agent, you're really on your own. Keep in mind, the Seller's Agent is working for the seller and is the seller's legal representative. Yes, a Seller's Agent can offer buyers some services, including a diligent search to find the right home, an explanation of available financing, calculation of monthly payments, estimation of settlement costs, presentation of your offer to buy.

What a Seller's Agent can not do is disclose information not in the best interest of the seller such as an opinion of the home's real value or what price and terms the seller would accept. By law, the Seller's Agent must negotiate on behalf of the seller and may not withhold from the seller information that could strengthen their bargaining position. That means you, as a buyer, should be careful not to disclose to the Seller's Agent any financial or personal information that could be used against you.

"What Will a Buyer's Agent Cost Me?"

Not a penny. The seller pays your fee through the commission their agent shares with your agent. Perhaps the right question is, "What will it cost me if I don't use a Buyer's Agent?" Purchasing a home without representation is possibly the biggest financial mistake you can make. A Buyer's Agent can guide you each step of the way to prevent costly errors. Failure to find out about defects in the property or the actual value of the property can, of course, be an expensive mistake. And failure to negotiate a contract that works for you can cost you a lot of money. With a Buyer's Agent, you can ask for and receive advice and assistance in selecting the best property and determining an offering price.

"What Is a Transaction Broker?"

If your Buyer's Agent locates a home you wish to buy that she/he also has listed, she/he must revert to a Transaction Broker in order to assure that buyer and seller are treated fairly and equally. Your agent is required to provide complete disclosure, due diligence, and the care and accountability that they would always provide.

But your agent may not disclose personal information (like how much you would be willing to pay or how low the seller would be willing to sell) to the other parties. The Bottom Line--If you want an agent to fully represent your best interests, if you want help evaluating a property, if you want someone to negotiate to get you the best price and the best terms, if you want to purchase a home in what's becoming the most popular way to buy, you'll want to enlist the aid of a Buyer's Agent.

As a Buyer, you have rights in the real estate transaction:

• The Buyer has the right to exclusive representation in a real estate transaction.
• The Buyer has the right to choose an Accredited Buyer Representative who knows the market including For Sale By Owner properties and new homes.
• The Buyer has the right to an Accredited Buyer Representative who pre-screens properties that matches the Buyer's needs.
• The Buyer has the right to complete access to all information on a home being considered for purchase, including motivating factors on the seller's part.
• The Buyer has the right to an Accredited Buyer Representative who will hold all personal and financial information in confidence, one who will use the information, with the Buyer's permission, to further the interests of the Buyer.
• The Buyer has the right to an Accredited Buyer Representative who will write the offer to protect the best interest of the Buyer, one who is knowledgeable in the many contingencies and clauses, VA rules and regulations.
• The Buyer has the right to employ professionals including Home Inspectors, Termite Inspectors to make an overall assessment on the condition of the property.
• The Buyer has the right to choose to work with any lender who has no financial ties to the Buyer's agent.
• The Buyer has the right to choose any settlement company or attorney for closing.
• The Buyer deserves an Accredited Buyer Representative who accompanies the Buyer at every step of the process, including loan application, contract presentation, home inspection, walk through, and final settlement.