Agency Relationships

With the listings available through this site it should be understood that unless we have an established Buyer's Agency relationship, I have a Seller's Agency relationship with the seller meaning I work for them to sell their home. I may also end up acting as a dual agent in a transaction with you, but you will know if that is the case because we would already be under contract working with each other. Below I have definitions of buyer's agency, seller's agency, and dual agency. For more information about where you and I stand on the agency relationship please email me at dshepard@gofastest.com

SELLER'S AGENTS

A Seller's Agent, under a listing agreement with the seller, acts solely on behalf of the seller. A seller can authorize a Seller's Agent to work with subagents, buyer's agents and/or transaction coordinators. A subagent of the seller is one who has agreed to work with the listing agent, and who, like the listing agent, acts solely on behalf of the seller. Seller's Agents and their subagents will disclose to the seller known information about the buyer which may be used to the benefit of the seller.

The duties that a Seller's Agent and subagent owes to the seller include:

  • promoting the best interests of the seller

  • fully disclosing to the seller all facts that might affect or influence the seller's decision to accept an offer to purchase

  • keeping confidential the seller's motivations for selling

  • presenting all offers to the seller

  • disclosing the identities of all buyers and all information about the willingness of those buyers to complete the sale or to offer a higher price

BUYER'S AGENTS

A Buyer's Agent, under a buyer's agency agreement with the buyer, acts solely on behalf of the the buyer. A subagent of the buyer is one who has agreed to work with the buyer's agent and who, like the buyer's agent, acts solely on behalf of the buyer. Buyer's Agents and their subagents will disclose to the buyer known information about the seller which may be used to benefit the buyer.

The duties a Buyer's Agent and subagent owe the buyer include:

  • promoting the best interests of the buyer

  • fully disclosing to the buyer all facts that might affect or influence the buyer's decision to tender an offer to purchase

  • keeping confidential the buyer's motivations for buying

  • presenting all offers on behalf of the buyer

  • disclosing to the buyer all information about the willingness of the seller to complete the sale or to accept a lower price

DUAL AGENTS

A real estate licensee can be the agent of both the seller and the buyer in a transaction, but only with the knowledge and informed consent, in writing, of both the seller and the buyer.

In such a dual agency situation, the licensee will not be able to disclose all known information to either the seller or the buyer. As a Dual Agent, the licensee will not be able to provide the full range of fiduciary duties to the seller or the buyer.

The obligations of a Dual Agent are subject to any specific provisions set forth in any agreement between the dual agent, the seller and the buyer.