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Buyers and Sellers should understand from the beginning their representation with their real estate professional. In most states, real estate professionals (both brokers and sales associates) are required by law to inform consumers whom they are representing.
In the past, all real estate professionals represented the Seller exclusively. Even when an agent helped a Buyer find and purchase the property, that agent represented the Seller. If a Buyer was purchasing a property and using the agent who's name was on the For Sale Sign, they were working with an agent that was legally bound to represent the Seller in the real estate transaction. In that same scenario, the Seller paid both the listing agent and the agent who brought the Buyer, which they usually do today. In today's real estate market, Buyers and Sellers 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" to help you buy a home. An additional situation in some states is Dual Agency. This type of agency exists when the Agent assists both sides in a transaction. Both parties must be in agreement of Dual Agency, and properly notified. Trust is never compromised. Although not legal in all states, this Agency is often very useful in bringing Seller and Buyer together. Keep in mind that real estate laws differ from state to state and even from locale to locale. 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 professional. |