Understanding Agency
Mckinze Casey March 5, 2024
Mckinze Casey March 5, 2024
A buyer’s agent operates exclusively on behalf of the buyer, striving to advance their interests with unwavering good faith, loyalty, and fidelity. This agent actively negotiates and acts as a strong advocate for the buyer. To establish this relationship, a separate written buyer agency agreement called the Exclusive Right to Buy Listing Contract (ERB) is necessary, delineating the duties and obligations of both the broker and the buyer. The buyer’s agent may be compensated by buyer or from seller’s proceeds as explained in the ERB.
Acting as a facilitator, a transaction broker assists the buyer or the seller, or both, in a real estate transaction as a neutral representative. This involves fulfilling the term of any agreements, providing comprehensive information, presenting offers, and aiding with contracts, including the transaction’s closing, but does not include representation as a fiduciary. Similar to agency relationships, an ERB is needed to outline the roles and responsibilities of both the buyer’s transaction broker and the buyer. The buyer’s transaction broker may be compensated by buyer or from seller’s proceeds as explained in the ERB.
A seller’s agent, also known as a listing broker, is a dedicated to championing the seller’s interests with the utmost good faith, loyalty, and fidelity. The agent skillfully negotiates and advocates on behalf of the seller. To formalize this relationship, a separate written listing agreement is required, outlining the responsibilities of both the broker and the seller.
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