When searching for property with a real estate agent, there are multiple ways that you can choose to be work with and be represented as a buyer.
- Agent of Seller/Listing Broker (CUSTOMER) – The listing agent or seller of the property offer a percentage of the sale price as commission. Therefor, you are a customer of that agent or seller. If you choose to work with an agent without signing a buyer agency, you are by default working with them as a customer. Both the seller and your REALTOR, by law, will need to disclose all defects and material information known to them about the property, but this is where your relationship ends.
- Agent of Buyer (CLIENT)- As stated above: The seller or listing agent is offering a commission to a selling agent or broker. By default, your agent is working on behalf of seller.
- Dual Agency- Working for both the seller and buyer. This is most common when an agent sells there own listings. The listing agent was hired by the seller to represent them. If a buyer works with the listing agent, this can pose an issue. Who represents who?!?