{"id":5818,"date":"2018-09-22T14:55:54","date_gmt":"2018-09-22T14:55:54","guid":{"rendered":"https:\/\/oasis.calicomarketing.com\/?page_id=5818"},"modified":"2022-11-28T16:00:49","modified_gmt":"2022-11-28T16:00:49","slug":"buy-commercial-property","status":"publish","type":"page","link":"https:\/\/www.northwakecommercial.com\/buy-commercial-property\/","title":{"rendered":"Buy"},"content":{"rendered":"

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BUYING COMMERCIAL PROPERTY<\/h1><\/div>

Commercial real estate agents and brokerages can offer several services for prospective buyers. They can act as a buyer\u2019s agent, representing only you; as a dual agent to simultaneously represent both you and the seller; or as a seller\u2019s agent or sub-agent to represent only the seller. Unlike some other brokerages, North Wake Commercial\u2019s agents offer a choice of these services.<\/p>\n<\/div>

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Buyer’s Agent<\/h2><\/span>
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Duties to Buyer: <\/strong><\/p>\n

If the real estate firm and its agents represent you, they must:<\/p>\n<\/div>

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\"Promote<\/span><\/div><\/div>
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Promote your best interests<\/h3><\/div>
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\"Be<\/span><\/div><\/div>
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Be loyal to you<\/h3><\/div>
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\"Lawful<\/span><\/div><\/div>
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Follow your lawful instructions<\/h3><\/div>
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\"Provide<\/span><\/div><\/div>
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Provide all material facts that could influence your decisions<\/h3><\/div>
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\"Reasonable<\/span><\/div><\/div>
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Use reasonable skill, care, and diligence<\/h3><\/div>
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\"Account<\/span><\/div><\/div>
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Account for all monies handled on your behalf<\/h3><\/div>
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Once it has been agreed (verbally or in writing) that a firm and its agents shall represent you as your buyer\u2019s agent, they are not permitted to disclose any confidential information about you to sellers or their agents without your permission. Avoid telling the agent anything you would not want a seller to know until you make this agreement.<\/p>\n

Unwritten Agreements: A written agreement is helpful for clarifying the relationship between you and the real estate firm, and setting out what the real estate agent will do for you. Some firms represent and assist you as a buyer’s agent, for a time, without a written agreement. However, a formal written agency agreement is necessary when making an offer to purchase a property. Without this signed agreement, the agent cannot represent or assist you, and is no longer required to withhold confidential information about you. If you later purchase the property through another firm, the agent who first showed you the property may seek compensation.<\/p>\n

Be sure to read and understand any agency agreement before you sign.<\/p>\n<\/div>

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Services and Compensation:<\/strong><\/p>\n

Whether you have a written or unwritten agreement, a buyer\u2019s agent will perform several services for you. These may include helping you to:<\/p>\n<\/div>

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\"Find<\/span><\/div><\/div>
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Find a suitable property<\/h3><\/div>
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\"Arrange<\/span><\/div><\/div>
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Arrange financing<\/h3><\/div>
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\"Learn<\/span><\/div><\/div>
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Learn more about the property<\/h3><\/div>
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\"Promote<\/span><\/div><\/div>
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Promote your best interests<\/h3><\/div>
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With a written agency agreement, the agent can help you prepare and submit a written offer to the seller. A buyer\u2019s agent can be compensated in different ways: you can pay them out of your own pocket, or the agent may seek compensation from the seller or listing agent first and then require you to pay if the listing agent refuses. Be sure the compensation arrangement you have with your buyer’s agent is spelled out in a buyer agency agreement before you make an offer to purchase property. You must carefully read and understand the compensation provision.<\/p>\n<\/div>

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Dual Agent<\/h2><\/span>
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In a \u2018dual agency relationship\u2019, an agent or firm is permitted to simultaneously represent both you and the seller. This is most likely if you become interested in a property listed with your buyer\u2019s agent or the agent\u2019s firm. If you have not already agreed to a dual agency relationship in your (written or verbal) buyer agency agreement, your buyer\u2019s agent will ask you to sign a separate agreement allowing them to act as agent for both you and the seller. It can be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information to the other party.<\/p>\n

Some firms offer a form of dual agency called \u2018designated agency\u2019. In this case, one agent in the firm works with the seller and another agent with the buyer, to enable fairer representation for both the buyer and seller. A dual agent\u2019s loyalty is divided between parties with competing interests, so it is especially important to understand:<\/p>\n<\/div>

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\"What<\/span><\/div><\/div>
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What your relationship is with the dual agent<\/h3><\/div>
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\"What<\/span><\/div><\/div>
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What the agent will be doing for you in the transaction<\/h3><\/div>
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Seller’s Agent Working with a Buyer<\/h2><\/span>
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You can still work with a firm or its agents even if they do not offer buyer agency, or if you don\u2019t want them to act as your buyer agent. However, in this case, they will act as the seller\u2019s agent (or \u2018sub-agent\u2019). The agent can still help you find and purchase property, and provide many of the same services as a buyer\u2019s agent. The agent must be fair and provide you with any \u2018material facts\u2019 about properties (such as a leaky roof). But remember: the agent represents the seller, not you. Their interests are, therefore, to obtain the best possible price and terms for the seller\u2019s property. Furthermore, a seller\u2019s agent must give the seller any information about you (even personal, financial, or confidential information) that would help the sale of the property. Agents must tell you, in writing, if they are seller\u2019s agent before you say anything that might help the seller. Avoid saying anything you would not want to the seller to know until you are sure that an agent is not a seller\u2019s agent. Sellers\u2019 agents are compensated by the sellers.<\/p>\n<\/div>

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BUYER SERVICES<\/h2><\/div>
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Property Identification and Selection<\/h2><\/div>
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\"Requirements<\/span><\/div><\/div>
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Requirements Analysis<\/h3><\/div>
\"Research\"<\/span><\/div><\/div>
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Property Research & Data Gathering<\/h3><\/div>
\"Initial<\/span><\/div><\/div>
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Initial Screening & Presentation<\/h3><\/div>
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Offer Preparation and Management<\/h2><\/div>
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\"Research\"<\/span><\/div><\/div>
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Research<\/h3><\/div>
\"Negotiations\"<\/span><\/div><\/div>
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Negotiation<\/h3><\/div>
\"Evaluation\"<\/span><\/div><\/div>
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Evaluation<\/h3><\/div>
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Due Diligence Support<\/h2><\/div>
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\"Environmental\"<\/span><\/div><\/div>
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Environmental<\/h3><\/div>
\"Government\"<\/span><\/div><\/div>
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Governmental<\/h3><\/div>
\"Financial\"<\/span><\/div><\/div>
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Buying Process<\/h1><\/div>

Place mouse over sections to see process.
\nFor mobile devices, tap sections.<\/p>\n<\/div>

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Sign up for latest updates<\/p>\n<\/div>

Stay current with latest offerings<\/p>\n<\/div>

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