Buyer Representation
 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 the local 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
interest 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 buyer and the
seller, during the same transaction. A dual agent has
responsibilities to both buyer and seller and must act in the best
interest of both parties.
|