UNDERSTANDING AGENCY

What is an agent? An agent is a person who represents and acts on behalf of another person, in dealing with others under a specied agreement. Why do you want an agent? So you have someone working for you and looking out for your best interest; someone who will keep condences and make sure your interests are protected.

TYPES OF AGENCY
Buyers Agent: As a buyers agent, the rm and its agents represent you and they must: 1. Promote your best interest 2. Be loyal to you 3. ollow your lawful instruc ons 4. Provide you with all material facts that could inuence your decision 5. Use reasonable skill, care, and diligence 6. Account for all monies they handle for you nce you are represented by a buyers agent, they must not give any conden al informa on about you to sellers or their agents without your permission so long as they represent you. .
Buyer

Dual Agent: As a dual agent, the agent represents both the buyer and the seller at the same me and in the same transac on. his dual agency rela onship is most likely to happen if you become interested in a property listed with your buyers agent or the agents rm. A dual agent must treat both buyer and seller fairly and equally. Remember, under dual agency, both buyer and seller can prohibit the dual agent from divulging certain conden al informa on about them to the other party. his informa on would include personal informa on about you but would not include material facts (e.g. a leaky roof).

Buyer

Buyers Agent and Sellers Agent

Seller

Designated Agency: Under designated agency there are 2 agents from the same company involved in the same transac on. ne of these agents solely represents the interest of the buyer and the other solely represents the interest of the seller. Both of the agents working under designated agency are fully able to represent their client and provide to them the same du es as listed under the buyers agent sec on above.

Buyer

Buyers Agent

Sellers Agent

Seller

owever, the ma ority of the transac ons will look like this.

Buyer

Buyers Agent

Sellers Agent
ABC
Co.

Seller

R buyers agent works for the buyer and the sellers agent works for the seller. So, if you see a house you are interested in, call your buyers agent. t is not co on rac ce for the buyer and seller to corres ond directly. t is also not co on rac ce for the buyers agent to corres ond with the seller or the sellers agent to corres ond with the buyer.