The word agency is heard all through-out a real estate transaction. Who is representing whom is key. Is your agent truly representing you? Are they representing the seller? What happens if you purchase a house through the listing agent? Who are THEY representing? Can they REALLY represent both the seller and the buyer?
In Virginia you have listing agents who have agency with their sellers. You have buyers agents who have agency with their buyers. You have listing agents who can write a contract for sale on their listing and still represent the seller and have NO buyer agency. And you can have listing agents who write a sales contract on their listing who perform dual agency-they represent BOTH the buyer and the seller.
There is also designated agency in Virginia. A buyers agent can write a sales contract on a listing that is held in their office and listed by another agent under their broker. One agent represents the seller, one agent represents the buyer.
You should have all forms of agency fully explained to you. You will have to decide if you feel comfortable with dual agency. Personally, I prefer to represent my clients as either a buyers agent or a sellers agent, but not both. I want to feel free to fully represent my client and negotiate in their best interests. If I am representing both...how do I do that? Do I increase my liability? Do I get the best deal for my client?
Just some questions.