Should I Work with a Buyer's Agent? A Seller's Agent? A Dual Agent?
You should understand from the beginning of your relationship
with your real estate agent what type of relationship exists. In
most states, real estate agents (both brokers and sales
associates alike) are required by law to let consumers know
whether they represent the buyer or the seller.
In the past, real estate agents represented the seller
exclusively, whether the agent helped a seller to market and
sell the home or helped a buyer find and purchase the home. In
other words, agents were at one time legally bound to represent
the seller in a residential real estate transaction. In that
same scenario, the seller paid both the listing agent and the
agent who brought the buyer.
However, in today's real estate market, you may find that you
can choose between a wide variety of options for representation.
If you want to sell a home, you can work with a "seller's
agent". If you are purchasing a home, you can work with a
subagent of the seller's agent and, in many areas, you can
engage an exclusive "buyer's agent".
An additional situation in some states is dual agency. This type
of agency exists when the buyer decides to have the seller's
agent prepare the offer on the buyer's behalf. A buyer who
elects this situation, and all additional parties to a
transaction, should receive full disclosure of representation.
In some states, dual agency also affects the real estate
professional's fiduciary responsibilities to the seller.
Keep in mind that real estate laws differ from state to state
and even from locale to locale. And within this framework of
variety, laws can change. For more in-depth answers for your
specific situation, talk with a knowledgeable real estate
professional and ask about local practices. Be sure that you
understand and are comfortable with the options involved when
you engage the services of a real estate agent.
<<< Back
|
