| A Buyer who is working with an Agent has a variety of agency relationships when purchasing real estate. These include: Buyer Agency, Subagency and Dual Agency.
Buyer’s Agency is where the Agent solely represents the interest of the Buyer in a transaction and has a fiduciary responsibility to act in the best interest of the Buyer.
- A Buyer Agent represents solely your interest as a purchaser.
- A Buyer Agent will provide information concerning market value.
- A Buyer Agent will analyze market data to help you determine an appropriate offering price.
- A Buyer Agent will apply their negotiation skills for the Buyer’s benefit in attaining the best terms and conditions in a contract.
- A Buyer Agent will prepare the sales documents with the Buyer’s best interest in mind.
- A Buyer Agent’s role is to provide advice, expertise and counseling to assist you in reaching your goals.
A Buyer Agency is a written contract wherein the Buyer agrees to be
exclusively represented by a specific Agent for either a predetermined period of time and/ or a predetermined property.
Seller Agency/ Subagency is where the Agent solely represents the interest of the Seller. The Agent working with a Buyer in this situation acts as a Subagent for the Seller. The Agent has a fiduciary relationship with the Seller and works with the Buyer to assist the Buyer in finding a property to purchase without any fiduciary responsibility to the Buyer.
Dual Agency is a relationship wherein the Agent or Agency acts as an Agent for both the Seller and the Buyer in a transaction with the written consent of both parties. This type of Agency requires confidentiality to both parties and no adverse action which is detrimental to either party.
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