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 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.