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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.
return
to
buyer resource center
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