Buyer Procedures & Agency

(Q) Who does my agent at CS Realty represent?

(A) Your agent represents either the buyer/tenant, seller/landlord or is a dual/agent-designated sales agent for the buyer/tenant. This needs to be determined within your first contact with the agent. More on Agency

Request of Documents from Buyers

(Q) Why do I need to provide the buyer's agent or listing agent with a pre-approval letter*, POF (proof of funds)*? (*Required from every buyer working with CS Realty and cooperating agents on CS Realty listings) Additional documents that may be needed: verification of employment and credit score / list of debts, questionnaire, photo ID and exclusive right to represent agreement.

(A) The buyer's agent or listing broker will need to confirm you are fully qualified to purchase the property. Sellers do not want to enter into a contract of sale only to have a buyer not approved for a mortgage because they were not properly qualified. Buyer's that have a valid pre-approval letter and proof of funds may only need additional documents for Coop sales.

(Q) I have a mortgage banker that gave me a pre-approval, that should be suffice.

(A) If the seller’s agent has not worked with your mortgage banker before they would have no track record of their mortgage banker’s ability to properly approve a purchaser.

(Q) I have purchased property in the past and have never been asked for this information from a buyer's agent or listing agent.

(A) Since the great recession and real estate collapse of 2009 banks require full documentation of all loans less than 35% down payment (and most will not even approve a no doc loan with any size down payment). Sellers may direct their listing agent to confirm the mortgage banker’s pre-approval was done properly and documents were reviewed in hard copies.

(Q) How does this help me?

(A) It makes the seller confident in your ability to close the deal, as such they are likely to stick with your deal in the event of another close offer being presented.

Representation Regarding Buyers

(Q) I am looking to purchase a home, how will CS Realty represent me?

(A) We will represent you as a buyer's agent on all properties listed by other real estate companies. Also we will represent you as a designated buyer's agent on all of our company's listings. You will provide us with your search parameters, such as the area, price, type of housing, as well as any other needs you may have. We will locate suitable properties for sale within those parameters and show them to you. When we find a property that you want, we will negotiate the transaction on your behalf. We will also assist you in every step of the transaction up until the closing. We will be available to guide you and recommend attorneys, lenders, home inspectors, contractors and any other professionals you may need to close the transaction.

(Q) What if I want to work with a CS Agent who is listing the property?

(A) You will have no representation since the listing agent is representing the seller. Alternatively, you could request another CS Agent who would be assigned as your designated buyer's agent.

(Q) If you are representing me, do I have to pay you a commission?

(A) NO, 98% of the time the seller pays our commission. In the event the seller is not paying our full commission (minimum of 2-3% of the selling price) you will decide if you want to pay part of it. (We can price it into the transaction - No money out of your pocket.)

Representation Regarding Tenants

(Q) Who does CS Realty Represent if I am looking for a Rental?

(A) Good Question! This is not as straight forward as a buyer representation because of the nature of listing types.

CS Realty Exclusive Rental Listings

If the owner is paying our full fee, your CS Agent (not the listing agent) will represent you as a designated tenant's agent on all our company listings. If you chose to work with the listing agent you will have no representation. The listing agent is a landlord's agent.

CS Realty Private Open Rental Listings

You will always be represented as a tenant's agent regardless if you are paying the full fee or if the landlord is paying all or part of the fee.

Other Companies Exclusive Rental Listings

You will always be represented as a tenant's agent regardless if you are paying the full fee or if the landlord is paying all or part of the fee.

(Q) How much is your fee to the tenant?

(A) CS Realty charges a "total commission of not more than 15% of the annual rent" payable upon signing of a lease. The tenant's exposure to this commission will be no more than ONE MONTH"S RENT. The landlord may pay the balance, and if so, CS Realty will be receiving part of the total commission from the tenant and landlord.

(Q) So the choice is mine! I can pay, one month's fee, less than a month's fee, or nothing?

(A) Correct! You may want to look at all options to open your search up. A landlord may have a great deal and does not want to pay the fee on top of other incentives they are offering. Remember if you want to pay nothing and your agent is not receiving reasonable compensation from the landlord we cannot show you those properties. Just because a listing is on the MLS does not mean the landlord's agent has to pay a minimum fee. Some landlord's agents chose to pay only $100 to the tenant's agent. (an example of what is not reasonable compensation).