Working with a REALTOR®
The Agency Relationship
When working with a REALTOR®, it is important to understand for whom the REALTOR® works and to whom he or she is legally obligated. REALTORS are obliged to disclose in writing to all parties their agency position in a transaction.
A REALTOR® may be your agent -
REALTORS believe it is important that the people they work with understand when an agency relationship exists and when it does not -
In real estate, there are 3 different possible forms of agency relationships: Seller's Agency, Buyer's Agency & Dual Agency.
When a real estate company is a "Seller's agent," it must do what is best for the Seller of a property.
A Seller's agent must tell the Seller anything known about a Buyer. For instance, if a Seller's agent knows a Buyer is willing to offer more for a property, that information must be shared with the Seller. Confidences a Seller shares with a Seller's agent must be kept confidential.
A Buyer can expect fair service and disclosure of pertinent information about a property. Nothing will be misrepresented about a property. All questions will be answered honestly.
2. Buyer’s Agent
A real estate company acting as a "Buyer's agent" must do what is best for the Buyer. A written contract establishes Buyer agency. It also explains services the REALTOR® will provide, spells out who will pay and specifies what obligations a Buyer may have. Typically, Buyers will be obliged to work exclusively with that REALTOR® for a period of time.
A REALTOR® working for a Buyer will keep information about the Buyer confidential from the Seller.
3. Dual Agent
Occasionally a real estate company and its sales representative will be the agent of both the Buyer and Seller. Under this "dual agency" arrangement, the REALTOR® must do what is best for both the Seller and Buyer and strict procedures must be followed. A REALTOR® can be a dual agent only if both the Buyer and Seller agree in writing. Ask your REALTOR® for more specific details.
Usually, the REALTOR® will be paid from the proceeds of the sale. The listing agreement states the REALTOR's fee.
I work as a Buyers representative or Dual representative (properties I have listed)-
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