Understanding Representation An agency representation agreement must be signed every time a buyer or seller works with a different company to view real estate property. There are four types of agency relationships. Buyer Agency A Buyer's Agent exclusively represents the interests of the buyer in a real estate transaction. A Buyer's Agent... *Arranges property showings that meet the buyer's needs. *Helps you obtain information about the home or property, community, schools, taxes, utilities and zoning. *Counsels the buyer on what price to offer the seller. *Assists in making an offer with the buyer's interests in mind by showing what other buyers are paying for property in the area. *Negotiates the best price and terms for the buyer. *Assits with the loan application process. *Monitors dates, events and requirements for the buyer. *Attends the closing with the buyer. Dual Agency Dual Agency occurs when a Buyer's Agent shows a property to a buyer that is also represented by that REALTOR's firm, or when the Listing Agent shows real estate to a buyer who is also represented by the same firm. In Dual Agency situations, both the buyer and seller will be asked to sign a consent agreement. A Dual Agent owes both the buyer and seller equal representation and must... *Treat both parties fairly. *Not knowingly represent one party to the detriment of the other. *Disclose facts each party needs to make an informed decision. *To assist, as the Buyer and Seller are empowered to regotiate on their own behalf. *Assure confidentiality on each party's price, terms and personal information. Designated Agency A REALTOR firm may provide a Designated Buyer Agent for the buyer and a Designated Seller Agent for teh seller from within the firm. The Designated Buyer Agent may perform all the services described under buyer agency for the buyer and the Designated Sller Agent may perform all of the services described under seller agency for the seller. The agents so designated are not dual agents, but the firm itself continues to be a Dual Agent. |
