Purchasing or selling a home is the most significant economic choice you can ever make in your life. Thus, it would be a big help if you will consider the type of relationship you will be having with your Real Estate Agent or Realtor.
It’s worth noting that all Realtors are bound to work within a legal relationship known as “agency relationship.”The agency relationship is a legally authorized agreement between you and the Realtor you have hired.
It’s imperative to realize what legal responsibilities your Real Estate Agent has towards you and all the other parties involved in the deal. Whether an agent is working on behalf of a real estate purchaser or a seller, it’s his legal responsibility to uphold the integrity of his clients while promoting their interest. See what type of agency relationship you have with your Realtor:
A seller’s agent is hired by a real estate seller. All the top notch selling skills of your agent will help you get the best value in the market. You can also fully rely on your Realtor in the-negotiation process.
In this case, the agency relationship is typically created by a listing contract.
The buyers can also be benefited by the a Buyers Agent. The expert knowledge of your Realtor will help you find a home that fits all your needs and will help you navigate your way throughout the transaction.
The Realtor also advises you on all financing options and makes recommendations of the other professionals needed for the completion of the sale.
A Dual Agency relationship is created when the brokerage firm or Realtor represents not only the buyer but the seller too while undertaking the same real estate transaction.
A dual agent must always be very impartial towards both the parties and fully disclose any and all information regarding the transaction. It’s worth noticing that a Realtor can only work as a dual agent if both the parties agree in writing.
Special Note: Always read the legal contracts before signing.