UNDERSTANDING AGENCY…

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 owes BOTH buyer and seller fiduciary duties. Agent represents both the buyer and the seller equally

§  Agent’s 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.