The newest form of agency relationship is Buyer Agency. Though it has been around for many years in the residential area and for even longer in the commercial world, it is still probably the least known and understood of the various forms. Of course, the simple definition is that Buyer Agency occurs when a buyer of real estate hires, in writing, a licensee to represent their interests in a real estate transaction.

Though it seems simple, many would-be buyers don't seem to trust the process enough to really use it or even enter into it. I suspect the reason for this reticence is at least partly not knowing enough about it. So, here are a few facts to consider:

1. A Buyer Agent does not necessarily have to be paid by the buyer. In fact, on the residential side, Buyer Agents are almost invariably paid in the traditional manner, i.e. they receive a portion of the sales commission at the closing.
   
2. A Buyer Agent's job is to represent only the buyer's interests. The agent must be loyal, competent and put the client/buyer's interest before all others including his own. A big part of the job is not to sell their client anything, but to help them to buy. They do this in large measure by unearthing facts about the property and the market place that their buyer/clients may not have the time or the resources to get on their own.
   
3. Many would-be buyers don't understand that when they respond to an ad in the newspaper or on-line about a specific property listing, they are usually talking to the seller's agent, whose job actually is to sell them that listing. This is why most states now require so many acknowledgments and disclosures to help buyers understand that they should not share all of their financial and other personal data with this agent because he is bound to share that info with the seller in a negotiation.

Obviously, whole books have been written about agency, buyer and otherwise, and the laws and rules vary from state to state, so the above is only an intro into the concept. But, on the face of it, if you are going to buy property, there is practically no reason not to interview some agents, find one that you like and trust, and hire them to represent you. It probably won't cost you any money and you can glean a lot of positive results.