 |
Consider this, you are a Buyer and have seen an advertisement for a new development.You visit the site and meet with an employee of the developer to see the properties and discuss your options for purchasing a home. You are most likely also discussing your financial situation with them, and providing other personal information in the course of the conversation. |
Who's best interest do you think is represented in this situation? psst.... not the Buyer's.
The agent may represent the Buyer or the Seller, both, or neither. Make sure you receive a mandatory disclosure form from the agent so you fully understand how you are being represented when purchasing real property. Here is a brief description of the various types of agency representation available to you as a consumer:
Seller's Agent
Represents the Seller, and owes them undivided loyalty, confidentiality and accountability. The agent must put the Seller's interest first when negotiating for the best price and terms.
Buyer's Agent
Represents the Buyer, and he/she must obey your instructions and keep confidential anything you tell him/her that may affect your purchase of real property. The agent must put the Buyer's interest first when negotiating for the best prices and terms.
Disclosed Dual Agent
Works for BOTH the Buyer and the Seller and must provide written notice (disclosure) of the relationship. This agent owes both the Seller and Buyer a duty to deal with them fairly and honestly, but does not represent either party exclusively. The agent must remain neutral to any conflicting interest of either party.
Designated Agent
Represents either the Buyer or the Seller. The agent is appointed or designated by another agent or broker to represnt either the Buyer or Seller as a "designated" Buyer's or Seller's agent. The agent then must put the interest of their respective clients first when negotiating for the best price and terms.
Facilitator
The agent assists the Seller and Buyer in reaching an agreement but does not represent either party in the transaction. Unless otherwise agreed, the facilitator has no duty to keep information received from a Seller or Buyer confidential.
Your agent can provide much more detailed information on the various types of agency.
 |
Do you really think you are getting a better deal when you circumvent working with a Buyer's Agent and go direct to the Listing Agent to submit an offer to purchase real estate? |
You deserve FULL representation when negotiating a real estate transaction. Your best option is to have a Buyer's Agent working on your behalf when you are purchasing real estate and a Seller's Agent when you are selling.
Are you considering buying or selling real estate? Who does the agent represent in your real estate transaction?
“Call on Judy at The Green Company”
;)
;)
;)
Very nice Judy. Easy to understand, clear points, and a topic that needs to be reiterated for the public.