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. |
