by Carla Hill
| Understanding agency relationships can be difficult for those new to the real estate process. What does dual agency mean? Who is your agent representing? Who is responsible for what? These details are crucial in helping you understand what your agent is responsible for and what they must disclose. Let's look over some of the terminology. First up is Dual Agency. This means that your brokerage firm or agency is representing both the buyer and the seller. And while there shouldn't be a conflict of interest, dual agency must be disclosed and you must agree to work within the situation for it to be legal. In fact, written consent is required in many states. One solution to this potential conflict of interest is a Designated Agent. This arrangement helps clear up an trickiness that might arise from dual agency. A brokerage will designate one agent as the seller's agent and then another as the buyer's agent. A Buyer's Representation, on the other had, works soley with the buyer. This means they have your best interest at heart during the entire process. They help you find a house, put in the offer, and close the deal. A Seller's Representative, sometimes known as the listing agent, is hired by the seller. The seller generally enters into a contract with the agent, agreeing to allow only that agent to sell the home. A seller is responsible for paying a commission to their agent upon sale, and sometimes negotiations with buyers mean the seller pays the buyer's agent as well. Finally, let's look at Subagents. This can be a little complicated to understand, but the basic sentiment is this: A subagent is an agent from another brokerage that is supplying you with a service, such as showing you a house. The subagent is obligated to give you honest service the same as your regular agent. But on the flip side of the coin, they are not allowed to assist you in any way that would negatively impact the seller. The key to understanding your particular situation is to ask questions. Be sure to ask your agent what sort of agency relationship they have with you. |
With an award winning staff of writers providing up to the minute real estate news and advice, thousands of REALTORS® in North America reporting daily market conditions, and a nationally broadcast television news program, Realty Times is the one-stop shop for real estate information. That's why over 10,000 real estate professionals have turned to us for their publicity needs.
Phillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, Ronkonkoma, Holbrook, Lake Grove, Holtsville, Farmingville, Sayville, Blue Point, Patchogue, Medford, Bellport, Brookhaven, Mastic, Shirley, Manorville, Center Moriches, Moriches, East Moriches, Eastport, Shoreham, Wading River, Ridge, Middle Island, Yaphank, Real Estate for Sale, Long Island Home, Long Island House, Long Island Real Estate, Long Island Houses For Sale, Long Island New York Property, Suffolk County Real Estate, Suffolk County Property, Suffolk County Homes, Suffolk Homes, Real Estate Agents in, phillip.king@cbmoves.com, cbmoves, Long Island Realty, Long Island Real Estate Agent, Long Island NY Real Estate, Long Island Condos, Suffolk County Condo, Long Island New York Condo, Long Island New Homes
No comments:
Post a Comment