There is a buzz about the Maryland law that was just killed providing better disclosure for consumers using agents to buy homes. It would have explained what exclusive buyer agency is--agents who only represent buyers. And yes, they leave a lot of money on the table.
But can there be anything more confusing in our industry than our agency obligations? Really. Agency as a concept has evolved over the years to mean the level of care required when you are on ONE side of a matter. Only in our profession, due to the way it evolved from a single agency model in the post-WWII era, do we embrace a dual agency concept. In no other area does the concept of agency involve being ON BOTH SIDS. It just doens't make any sense-- which is why it is so confusing.
This is the area where lawsuits abound. Not hard to understand, in a way, since lawyers are trained to handle only one side of a deal and cannot fathom what we are trying to do. For them, dual agency would be a breach of their ethics.
So I say, make this stuff understandable to everyone and I am willing to leave money on the table if it means my liability is reduced and my clients are happier.
What say you?
Sage Advice for home buyers