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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