When real estate professionals work with buyers and sellers, “agency” relationships are established. As you start working with a real estate professional, please ask for a clear explanation of your state's/province's current agency laws, so that you understand these important issues.
There are three kinds of agency relationships:
Buyer's agent - represents the buyer during the home buying process. The buyer's real estate professional (agent) has a fiduciary responsibility to represent the buyer's best interests including reasonable care, loyalty and confidentiality.
Seller's agent - represents the interests of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller's real estate professional (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller's specific needs.
Disclosed dual agent - represents the interests of both the seller and the buyer, during the same transaction. A dual agent has responsibilities to both seller and buyer and must act in the best interests of both parties.
When real estate professionals work with buyers and sellers, “agency” relationships are established. As you start working with a real estate professional, please ask for a clear explanation of your state's/province's current agency laws, so that you understand these important issues.
