Understanding Agency ... Who Works for Whom?
Thursday, April 2nd 2020 7:11 pm
Seller Agency (Single Agency)
- Agent will represent the best interests of the Seller.
- Agent will owe the Seller fiduciary duties.
- Agent must give the Buyer all material facts so that the Buyer can make an educated decision.
Buyer Agency (Single Agency)
- Agent will represent the best interests of the Buyer.
- Agent will owe the Buyer fiduciary duties.
- Agent must give the Seller all material facts so that the Seller can make an educated decision.
Transaction Broker (Dual Agency)
- Agent represents both the Buyer and the Seller equally.
- Agents objective is to get a mutually satisfactory agreement among all parties.
- Agent gives all options to the Buyer and the Seller.
- Depending on the local market, all parties may be present at contract presentation to negotiate on their own behalf.
- All parties have confidentiality. Agent may do nothing to the detriment of either the Buyer or the Seller.
Both the Buyer and the Seller have a right to counsel. Before making any decisions, both parties have the right to seek family, religious, legal, or financial counsel.