So, who pays the agent?
- Once upon a time, the listing and selling broker ( both ) worked for the seller, and the agent who brought the buyer was a sub-agent who also worked for the seller. This meant that even if you were out looking at properties with an agent, they always worked for the seller and not for you.
Then, a Buyer Agency was established. A fiduciary relationship was created between the buyer and the broker/agent, and the buyer's agent worked for the buyer. Maryland has had a buyer agency for many years. Now, the agreement needs to be signed before showing any property.
In the past, the listing company paid the buyer's agent, and an amount was agreed to and posted in the MLS. In the buyer agreements, buyer agents had their clients agree to a specific amount but accepted the seller's offer.
- The MLS has always shown a buyer broker's compensation, but not anymore.
-Commissions can no longer be shown on the MLS -Multiple Listing Service.
- Other options are still available:
Some brokers still offer different pricing models, such as flat fees for each stage, while others represent only buyers and take no listings.
Due to recent legal actions, everyone must be aware of changes in the buying and selling processes. Ask your agent to help you navigate these changes.
You can still work with a buyer agent to represent and protect you.
Always work with an experienced professional to guide you through the estate process and explain each option.
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Any questions about buying or selling a home
Call Margaret Rome
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