Who to
work with? There is a BIG difference!
Buyers
& Sellers Agents Defined
Whether
you are the buyer or the seller, you can choose to
have the advice, assistance and representation of your
own agent.
Regulations of the Massachusetts Board of Registration
of Real Estate Brokers & Salespersons require that
written notice of the agency of a real estate agent be
provided to buyers (and sellers) at the first personal
meeting to discuss a specific property and that the
broker ask the buyer (and seller) to acknowledge
receipt of the notice.
a.
Today, consumers have a choice when selecting an agent
to work with during the property transaction. You may
work with a seller's agent, buyer's agent,
non-agent or facilitator or, disclosed
dual agent.
As a
buyer, you have the option of working with a seller's
agent or buyer's agent. The decision will depend upon
the types of services you desire and the method of
compensating the agent. In addition, a broker who is
representing the buyer and shows that buyer a property
listed with the broker's office is said to be a "dual
agent." Dual agency is permissible provided that both
buyer and seller have given informed consent. (I do
not practice this type of service. You will
either be my buyer or seller client.)
Any one of
the professionals identified above can help buyers
understand housing costs, research properties
available on the market within their stated price
range, and provide important disclosures about the
property being shown. They also can assist prospective
buyers in obtaining legal forms and presenting the
offer. They can provide information about schools and
taxes, as well as provide general information to both
buyer and seller concerning issues such as financing
and required inspections.
In
addition, any of these agents may accompany buyers to
the home inspections, however, only the buyer's agent
can assist in formal price negotiations on behalf of
prospective home buyers.
b.
All real estate licensees must act fairly with
all parties, including those to whom they are not
contractually obliged.
For
example, both seller's and buyer's agents must
disclose all known material defects in the property to
buyers, although he or she is not required to conduct
his/her own search to determine such problems.
In
addition, a buyer's agent may assist buyers in
determining what price and terms to include in an
offer or a home and represent the buyer's interests in
price negotiation. Brokers who act as a buyer's agent
owe the buyer undivided loyalty, utmost care,
disclosure, obedience to lawful instruction,
confidentiality and accountability. The broker must
put the buyer's interest first and negotiate for the
best price and terms for his or her client.
Notably,
the Massachusetts Association of REALTORS® offers a
seller's statement of property condition for use by
real estate professionals and completion of this form
by the current homeowner may assist buyers in learning
about the property's history and condition from the
seller before an offer to purchase is made.
c.
Buyers should understand some important distinctions
between these agents, however, and how those
distinctions may affect their relationship with their
agent.
For
example, buyers should be aware that
speaking
to the seller's agent is no different than speaking to
the seller.
In other
words, buyers should not tell the seller's agent
anything they would not want the seller to know, since
the seller's agent is obliged to disclose all relevant
information to the seller.
A broker
acting as a disclosed dual agent works for both the
buyer and the seller on the same property, and may
only do so after giving full disclosure and receiving
the informed consent of both parties. Disclosed dual
agents owe the buyer and the seller a duty to deal
with them fairly and honestly. However, in this type
of agency relationship the broker does not represent
either the seller or buyer exclusively. The dual agent
will not disclose confidential information received
from one party to the other.
Furthermore, a buyer's agent can negotiate on
behalf of the buyer and provide advice on how much to
offer; a disclosed dual agent cannot. A buyer's agent
can discuss with the buyer their objective opinion of
a home's value, a dual agent cannot.
Information provided by The Massachusetts Association of
REALTORS®.
Return to
the top of the page
-
Return to the front page |
Realtor Providing Professional Buyer Assistance