Buyer's Agent? Seller's Agent? Both?
Written by Cassie Hansley, Realtor® with Wilkinson And Associates in Lincolnton.
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Most people, when buying real estate, have an "agent." Few however, seem to know the duties owed to them by their agent, nor do they recognize the value of having their own agent as opposed to "dual agency." Agent is defined as "A party who is authorized to act in the best interests of another (called the principal) and is obligated to place the principal's interests before the interests of any other parties, including the agent's own interest regardless of whether the agency relationship is with the seller of the property or the buyer."
What to expect from an agent
If you are using an agent to help you sell your property, then you have probably entered into a contract with a "Seller's Agent". At this point, the agent's duty is to get the price and sales terms sought by the seller. The agent must disclose the material facts of a property that may become, or currently is, an item of concern with a buyer such as a bad roof or plumbing problems. However an agent cannotdisclose personal information about a sellers situation without the seller's consent (ie, divorce, pre-foreclosure, relocation). When you contract a Seller's Agent to help you sell, they will then market your property using yard signs, the MLS, and the internet just to name a few. The selling agent is also the one who will determine the amount of commission to be paid when the home is sold.
If you are in the market to purchase a home, then you may pursue the help of a "Buyer's Agent". This agent's duty is to get the best possible price and terms for the buyers. It is also this agent's duty to disclose all material facts about property or to find out about the property for the buyer. A buyer agent should also disclose personal facts that indicate sellers will accept a reduced price (such as impending divorce, foreclosure, etc.). With very few exceptions, the buyer's agent will work for the buyer, but the seller's agent will split the commission paid on the sale, relieving the buyer of paying for the buyer's agent duties.
The trouble with choosing an agent often happens when a prospective buyer starts to look for a home. In most cases, the buyer will start to look at magazines, the internet, or just by driving around. When they find a home they would like to see, the first response is to call the agent that has it listed but remember, the listing agent is also the seller's agent and owes full responsibility to the seller, not the buyer. However, if you do choose to work with the selling agent there is a term for that:
Real Estate Dual Agent
A dual agent cannot disclose personal information about either party. The dual agent must show care for the interests of both the home buyer and the home seller. As you can see, this may cause problems within the negation process.
So, if you are thinking about buying or selling a home, remember that there are laws to protect the consumer in real estate transactions. Just be sure to ask the right questions when choosing an agent.
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