- What is a buyer agent ?
A buyer agent is above all a real estate agent in the service of purchasers.
His or her role is to take the place of the purchaser in the initial phases, including visits, selection and price negotiations.
He or she is a professional, an expert in local real estate, who will support the future purchaser every step of the way, providing council whilst bearing the client’s interests in mind until the signing at closing.
- What is the difference between a real estate agent and a buyer agent ?
The real estate agent represents the best interests of the seller. His or her role consists of selling a property under the best possible conditions.
The real estate agent sells what is in the inventory of his/her agency. The buyer agent is devoted to the interests of the purchaser and can search the inventory of any agency or individual seller.
The role of the buyer agent consists of finding property that is most suitable for the purchaser in compliance with customer requirements, thereby eliminating unnecessary visits and procedures.
Real estate agents and buyer agents work together and are complementary to one another.
- Why a Federation of buyer agents ?
The FFCI’s purpose is to promote and defend “buyer agents” as well as to ensure representation to public services.
This new profession requires both structure and supervision for it to be a lasting one.
The FFCI acts as a watch dog to ensure consumer protection and respect for the code of ethics signed by all member buyer agents.
The Federation ensures the proper execution of search missions and compliance with the Hoguet law, which regulates the real estate profession.
- Is the profession of buyer agency regulated ?
Yes, Law number70-9, dated the 2nd of January 1970 and known as the Hoguet law, regulates the real estate profession and therefore buyer agency. This law sets the terms and conditions for obtaining a professional license: the Carte T.
Buyer agents must pay the French equivalent of mandatory personal liability and bonding fees. Just as real estate agents cannot act without a sales agreement, buyer agents cannot act without a written search agreement and cannot accept any sum of money prior to the signing of the deed or the lifting of suspensive conditions. The buyer agent, like the real estate agent, must be able to present his or her license (Carte T) at any time and must pay mandatory fees.
- Can I consult with a member of the Federation in case of issues with a buyer agent ?
Becoming a member of the FFCI is a pledge of rigueur and respect for the code of ethics, which anyone can refer to on our website.
All members of FFCI commit to respecting and working towards the complete satisfaction of the client.
However, you are always welcome to consult the Federation officers if the Hoguet law is not observed, or concerning any other infractions committed by one of our members.
- Can I be charged administrative fees ?
It is absolutely forbidden, subject to jail sentencing and fines, to invoice administrative fees, additional annexed fees, finder’s fees or any other fees before the actual closing of the sale.
The buyer agent is paid at the end of his or her mission like any other real estate agent.
- What is the customary cost of buyer agency ?
Fees are individual. There is no minimum or maximum. Each buyer agent sets his/her own fees but has a fiduciary responsibility to the client to respect the usual and customary fees charged in his/her area. Fees are specified in the buyer agency agreement and invoiced to the buyer signing the agreement.
- Is it more expensive to turn to a Buyer Agent ?
The service provided by the Buyer Agent often saves the purchaser time and money. Along with receiving personalized counseling from an expert in charge of the client’s best interest, the buyer agent also offers his/her negotiating abilities.
The fees are established at the signing of the property search criteria agreement and are due once the terms of the contract are met.
When negotiating the purchasing price, all actors must agree to the amount of the commission which should correspond to the usual and customary professional fees whilst keeping in mind the true added value brought by the services of the Buyer Agent.
- Must I sign a property search criteria agreement ?
A consent form is mandatory according to the law number 70-9 dated the 2nd of January 1970.
- Does the Buyer Agent take care of negotiating the purchasing price ?
Yes, the Buyer Agent is a real estate agent, to that effect; he is the middleman between the seller and the purchaser.
It is one of the most important aspects of his or her activity as he/she is well acquainted with the local real estate market and is familiar with the latest price trends. It is an expert’s counseling that the purchaser is entitled to have when signing the property search criteria agreement.
- Is the Buyer Agent present during the closing ?
The Buyer Agent’s role is to assist you during the selection of your property as well as all judicial procedures, from the sales agreement to the signing of the final deed, and assisting with the technical and financial aspects of the project.