The buying and selling of real estate is a complicated process with many subtle nuances. When it comes to the people that can represent you during this transaction, there are two types of agencies. A Buyer Agent is simple the person that represents the buyer of which they are expected to be loyal to in the transaction. A Seller Agent is the person that represents the seller and is therefore only expected to be faithful to the seller.
But don’t worry—if you are a buyer, then don’t be suspicious of the seller agent being negligent. Likewise, if you are a seller, you don’t have to worry about the buyer agent being dishonest. In the process of a home changing owners, buyer and seller agents are obligated by law to treat you fairly whether they are working for you or not. Here are a few more things both agents are required to uphold by the law:
- Both agents must disclose any facts about the physical property.
- Both agents cannot discriminate an offer based on race, gender, of sexual orientation.
- Both agents must punctually give all written offers to the homeowner.
Buyer Agent Duties
Buyer agents are expected to perform the terms of the written agreement between them and buyer. This may include advising the buyer on the benefits or risks involved and when to seek expert legal advice. The buyer agent must disclose certain information, as in adverse material facts and facts which may psychologically impact the purchase. Your buyer agent will undoubtedly promptly account for all monies and properties received, at the same time complying with all local, state and federal laws.
Seller Agent Duties
Like buyer agents, seller agents are expected to perform the terms of the written agreement between them and the seller. This may include advising the seller on the benefits or risks involved and when to seek expert legal advice. The seller agent will always seek prices and terms acceptable to the seller, presenting all offers promptly. Again, just like buyer agents, your seller agent will promptly account for all monies and properties received, at the same time complying with all local, state and federal laws.
Unlike a buyer of seller agent, a Real Estate Broker or Transaction Broker is expected to be faithful to both sides of the transaction. Since the broker does not fully represent the buyer or the seller they are not permitted to give out confidential information about one party to the other. In other words, a broker will not tell a buyer confidential information about the seller nor will they tell a seller confidential information about the buyer.
That may sound a little vague, but when you choose to use a transaction broker there will be a written contract that outlines how partial the broker must be towards both parties. The contract will clearly state the home and area being bought or sold, the obligations of both parties, how the broker will be paid, and the period of which the agent will represent you. With everything laid out on the table, there are no unanswered questions.
If you are a buyer then you may be entitled to supplemental information from the Seller agent or transaction broker even if they do not represent you. For example, they are permitted to give you information about other available properties and compare economic qualities of different properties. They can also give you information on financing options available to you, assist in making an offer, and they can even legally offer to show you a property.
AT CITADEL REALTY WE ARE ALWAYS A SELLER OR BUYERS AGENT TO PROVIDE YOU WITH THE HIGHEST AND BEST REPRESENTATION.