A Buyer’s agent or Buyer broker is an agent hired by the Buyer. Usually the buyer’s agent does not receive compensation from the buyer, rather, he/she is paid by the Listing agent’s broker. When the seller agrees to hire a REALTOR® to sell property, they agree upon a commission before the property is entered into the Multiple Listing Service. When the listing is entered, a percentage to be paid to the Buyer’s Agent or Buyer Broker is specified and the seller pays that commission.
A buyer will be responsible for part of the closing costs and any other fees that are associated with close of escrow, and they will be responsible for all charges associated with the due diligence period which occurs generally within 10 days of the acceptance of an offer on real property.