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Understanding AGENCY in Real Estate?


Blog by Century 21 Amos Realty | January 9th, 2014


What is agency? The responsibilities associated with this term is dependent on who you are. Check out below!


Sellers 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
 
Buyers 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
Transition Broker (dual agency)

-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. 

If you have any further questions please let contact us at mail@amosrealty.com or call us at 250-498-4844