I Work With A Buyer's Agent?
A Seller's Agent? A Dual Agent?
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.
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.
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".
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.
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.