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I’ve heard about "agency." Who does a real estate agent really work for? |
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Many home buyers and sellers are confused about who real estate agents
represent. Don't worry, they're not trying to disguise themselves. A
quick look at the various types of agency should help:
- Seller agency
The
most traditional situation is one in which the seller is represented by
both the real estate company who lists the home for sale and the real
estate company who brings in the buyer.
- Buyer agency
This
is a relatively new trend in real estate. Just as a written Listing
Agreement is required to represent a seller, a written Buyer Agency
Agreement is required to represent a buyer. Under that written
agreement, the agent represents the buyer with confidentiality and
loyalty, and shares with the buyer any material information.
- Disclosed dual agency
In
this case, an agent helps both the buyer and the seller. There must be
informed consent of both the buyer and seller, using a written
agreement with the involved broker(s). Special conditions apply
regarding disclosures to both parties, including limitations on an
agent's ability to represent either buyer or seller fully or
exclusively.
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