Understanding the ins and outs of real estate agency relationships can be confusing, especially since there are often multiple real estate agents and brokers involved in the transaction. We’ll explain the different forms of agency relationships along with a brief description.
- SELLER’S AGENT: The relationship between the Listing Agent and/or Broker and the Seller through a Listing Agreement. The Listing Agent represents the Seller. The Listing Agent/Broker has the fiduciary duty to hold the sellers best interest in mind.
- BUYER’S AGENT: The relationship between the Selling Agent and/or Broker and the Buyer. The Selling Agent represents the buyer in the transaction. Selling agent/Broker has fiduciary duty to keep the buyers best interest in mind.
- DUAL AGENCY: When one broker, either with one real estate agent or more under the Broker, represents the Buyer and the Seller in the same transaction, and both parties have signed a Dual Agency Consent. The Listing Agent and the Selling Agent must keep the interests of Buyer and Seller separate and also holds fiduciary duty to both parties keeping both interests in mind but separate. The Listing Agent and Selling Agent in this type of agency may be the same person.
Contact us if you have any questions or if we can offer any assistance with the purchase or sale of your home.
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