Resources: Working With A Realtor
In real estate, there are different forms of agency relationships:
Sellers Agent
When a real estate company is a “seller’s agent” it must do what is best for the seller of the property. A written contract, called a listing agreement establishes the seller agency. It explains services the company will provide, establishes the fee arrangement for the Realtor’s services and specifies what the obligations a seller may have.
A seller’s agent must tell the seller anything known about the buyer. For instance, if sellers agent knows the buyer is willing to pay more, that information must be shared with the seller. Confidences a seller shares with a seller agent must be kept confidential from the potential buyers and others. Although confidential information about the seller cannot be discussed, a buyer working with the seller’s agent can expect fair and honest service from the seller’s agent and disclosure of pertinent information about the property.
Buyers Agent
A real estate company acting as a “buyer’s agent” must do what is best for the buyer. A written contract, called a buyer’s agency agreement, establishes buyer agency. It also explains the services the company will provide, and establishes a fee arrangement for the Realtor’s services and specifies what obligations a buyer may have.
Typically, buyers will be obliged to work exclusively with that company for a period of time. Confidences a buyer shares with the buyer’s agent must be kept confidential. Although confidential information about the buyer cannot be disclosed, a seller working with the buyer’s agency can expect to be treated fairly and honestly.
Dual Agent
Occasionally a real estate company will be the agent for both the buyer and the seller. The buyer and seller must consent to this arrangement in their listing and buyer agreements. Under this “dual agency” arrangement, the company must do what is best for both the buyer and seller.
Since the company’s loyalty is divided between the buyer and seller who have conflicting interests, it is absolutely essential that a dual agency relationship be established in a written agency agreement. This agreement describes the rights and duties of everyone involved and any limitations to those rights and duties.
Sellers Agent
When a real estate company is a “seller’s agent” it must do what is best for the seller of the property. A written contract, called a listing agreement establishes the seller agency. It explains services the company will provide, establishes the fee arrangement for the Realtor’s services and specifies what the obligations a seller may have.
A seller’s agent must tell the seller anything known about the buyer. For instance, if sellers agent knows the buyer is willing to pay more, that information must be shared with the seller. Confidences a seller shares with a seller agent must be kept confidential from the potential buyers and others. Although confidential information about the seller cannot be discussed, a buyer working with the seller’s agent can expect fair and honest service from the seller’s agent and disclosure of pertinent information about the property.
Buyers Agent
A real estate company acting as a “buyer’s agent” must do what is best for the buyer. A written contract, called a buyer’s agency agreement, establishes buyer agency. It also explains the services the company will provide, and establishes a fee arrangement for the Realtor’s services and specifies what obligations a buyer may have.
Typically, buyers will be obliged to work exclusively with that company for a period of time. Confidences a buyer shares with the buyer’s agent must be kept confidential. Although confidential information about the buyer cannot be disclosed, a seller working with the buyer’s agency can expect to be treated fairly and honestly.
Dual Agent
Occasionally a real estate company will be the agent for both the buyer and the seller. The buyer and seller must consent to this arrangement in their listing and buyer agreements. Under this “dual agency” arrangement, the company must do what is best for both the buyer and seller.
Since the company’s loyalty is divided between the buyer and seller who have conflicting interests, it is absolutely essential that a dual agency relationship be established in a written agency agreement. This agreement describes the rights and duties of everyone involved and any limitations to those rights and duties.
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