What is Agency?

If you’re getting ready to buy or sell a home it’s very important you understand the difference between a seller’s agent and buyer’s agent.  Just as an attorney can represent either side in a legal case, so can a real estate agent represent a buyer or the seller.

Seller’s Agent: The seller’s agent (also known as the “listing agent”) acts solely on behalf of the seller.  Seller's agents are to disclose to the seller any known information about the buyer which may be used to the benefit of the seller.  The duties that a seller's agent owes to the seller include:

• Promoting the best interest of the seller. 

• Fully disclosing to the seller all facts that might affect or influence the seller's decision to accept an offer to purchase. 

• Keeping confidential the seller's motivations for selling. 

• Presenting all offers to the seller. 

• Disclosing the identities of all buyers and all information about the willingness of those buyers to complete the sale or to offer a higher price.

Buyer’s Agent: A buyer's agent, (also known as the “selling agent”), acts solely on behalf of the buyer. Buyer's agents are to disclose to the buyer any known information about the seller which may be used to benefit the buyer.  The duties a buyer's agent owes to the buyer include:

• Promoting the best interest of the buyer. 

• Fully disclosing to the buyer all facts that might affect or influence the buyer's decision to tender an offer to purchase. 

• Keeping confidential the buyer's motivations for buying. 

• Presenting all offers on behalf of the buyer. 

• Disclosing to the buyer all information about the willingness of the seller to complete the sale or to accept a lower price. 

If you were involved in an important court case would you seek legal representation or would you try to wing it yourself?  Isn't it only common sense to have professional representation when buying or selling your most valuable asset… your home?