When choosing your realtor, you should look for one who:
Understands your needs
Has judgment you can trust
You get along with
Wants to work with you during this big financial decision
Will help you guide you through the process of buying a home rather smoothly
Is commited to your Success!
The following are three types of Agency Representation:
The agent represents the seller and they owe the seller undivided loyalty.
They must put the sellerâs best interest first and negotiate for the best price
and terms for their client.
For example, if you are selling your house, you would hire a seller's agent to list the house in MLS
(Multiple Listing Service) and market the house. The seller's agent will try to get the best price
The agent represents the buyerâs best interest.
They must put the buyerâs interest first and negotiate for the best price and terms
for their client. The buyer will pay this fee for this service.
Disclosed Dual Agent
An agent can work for both the buyer and the seller on the same property,
provided such broker obtains the informed consent of both parties.
The agent is then considered a disclosed dual agent. This agent is obligated to work with both buyer and seller fairly and honestly. In this type of agency relationship,
the agent does not represent either the seller or buyer exclusively,
therefore the buyer or seller cannot expect the agentâs undivided loyalty.
Also, undisclosed dual agency is illegal.
For example, a seller lists their house with a seller's agent.
The agent is the sellerâs agent for the home.
The same agent is contracted to be a buyerâs agent and is paid by a buyer.
The buyer wants to buy the agent's listing. The agent has a conflict of interest, as (s)he is representing both buyer and seller.
The agent must disclose the situation and confirm that both parties are comfortable with it.