WHY DO YOU NEED YOUR OWN BROKER?
- To assure that your agent owes you legal undivided loyalty (“fiduciary duty”). IF YOU WORK DIRECTLY WITH THE SELLER'S AGENT YOU WILL NOT RECEIVE UNDIVIDED LOYALTY. The seller’s agent has a fiduciary obligation to the seller, which includes obtaining the best terms possible, including the highest sales price.
- For apartment sales and townhouse sales Seller pays their broker the broker fee based as a percentage of sales price in NYC (typically 5-6%). Seller splits the fee with buyer's broker. FOR LISTED APARTMENT SALES BUYER DOES NOT PAY A BROKER FEE; THIS IS A NO-COST SERVICE TO BUYER. ALSO BUYER DOES NOT PAY A FEE FOR MANY TOWNHOUSE AND MULTI-FAMILY BUILDING LISTINGS WHICH ARE COBROKED.
- To help prequalify you, the buyer, for purchase based on income, expenses, assets, liabilities, purchase price, monthly maintenance, common charges, property taxes, mortgage rates and other factors.
- To assist with your search and scheduling of appointments.
- To provide property valuation estimates, including comparable sales reports.
- To negotiate pricing and other terms of transaction.
- To provide a source of referrals for mortgage bankers, attorneys, architects, contractors, movers, etc. We never receive a fee for these referrals.
- To assist with preparation of condo and coop board package and prepare client for board interview.
- To prepare estimate for revenue, expenses and income and return on investment for rental property acquisitions.
- To provide guidance on state of the market.
- To help arrange access for appraisers, contractors, etc.
CLICK HERE FOR NEW YORK TIMES ARTICLE: "The Buddy System, or the Buyer's Broker"
CLICK HERE FOR: NEW YORK STATE DISCLOSURE FORM FOR BUYER AND SELLER
Steven Kalachman LLC