Who is Working for me?
Do You Understand Who Is Representing You In A Real Estate Transaction?
It is important that you understand who the REALTOR? is working for. ?Both the Seller and the Buyer will usually have their own Real Estate Agent which means they have a REALTOR? who is working for them. ?As a Buyer, if you contact the Seller?s Real Estate Agent directly, this REALTOR? is working for the Seller and must do what is best for the Seller, but may provide services to the Buyer.
If the Seller and the Buyer have the same Real Estate Agent, this is Dual Agency and the REALTOR? is working for both the Seller and the Buyer, however this arrangement must be agreed to in writing.
Following are the different forms of Agency Relationship.
Seller?s Agent:
A written contract called a Listing Agreement establishes seller agency.? It explains services the Brokerage?will provide, establishes a fee arrangement for the REALTOR?S services and specifies what obligations a Seller may have.? A Seller?s Agent must tell the Seller anything known about a Buyer.? A Buyer working with the Seller?s Agent can expect fair and honest service and disclosure of pertinent information, however confidential information cannot be discussed.
Buyer?s Agent:
A written contract called a Buyer Representation Agreement establishes Buyer Agency.? It explains the services the Brokerage will provide, establishes a fee arrangement for the REALTOR?S services and specifies what obligations a Buyer may have.
Dual Agency:
Occasionally a Brokerage will be the agent of both the Buyer and the Seller.? The Buyer and the Seller must consent to this arrangement in writing.? Under this ?Dual Agency? arrangement, the Brokerage must do what is best for both the Buyer and the Seller.
Since the Brokerage?s loyalty is divided between the Buyer and the Seller who have conflicting interests, it is absolutely essential that a dual agency relationship be established in writing.
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Providing sound professional advice and unsurpassed service where the client?s needs are the primary focus ensuring permanent, trusting relationships.
Knowledge?* Integrity * Experience
Linda Duggan
Sales Representative
Prudential Town Centre Realty Inc., Brokerage
www.oakvillehomesandcondos.com?
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Source: http://lindaduggan.wordpress.com/2013/01/17/what-does-a-realtor-do-for-me/
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