| Should
I Work With A Buyer's Agent?
A Seller's Agent? A Dual Agent?
You
should understand from the beginning
of your relationship with your real
estate agent what type of relationship
exists. In most states, real estate
agents (both brokers and sales associates
alike) are required by law to let
consumers know whether they represent
the buyer or the seller.
In
the past, real estate agents represented
the seller exclusively, whether
the agent helped a seller to market
and sell the home or helped a buyer
find and purchase the home. In other
words, agents were at one time legally
bound to represent the seller in
a residential real estate transaction.
In that same scenario, the seller
paid both the listing agent and
the agent who brought the buyer.
However,
in today's real estate market, you
may find that you can choose between
a wide variety of options for representation.
If you want to sell a home, you
can work with a "seller's agent".
If you are purchasing a home, you
can work with a subagent of the
seller's agent and, in many areas,
you can engage an exclusive "buyer's
agent".
An
additional situation in some states
is dual agency. This type of agency
exists when the buyer decides to
have the seller's agent prepare
the offer on the buyer's behalf.
A buyer who elects this situation,
and all additional parties to a
transaction, should receive full
disclosure of representation. In
some states, dual agency also affects
the real estate professional's fiduciary
responsibilities to the seller.
Keep
in mind that real estate laws differ
from state to state and even from
locale to locale. And within this
framework of variety, laws can change.
For more in-depth answers for your
specific situation, talk with a
knowledgeable real estate professional
and ask about local practices. Be
sure that you understand and are
comfortable with the options involved
when you engage the services of
a real estate agent.
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