Buyer Reports -
Should I Work With A Buyer's Agent?
A Seller's Agent? A Dual Agent?
(Download as an Adobe Document) 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. |
