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WHAT ARE THE THREE TYPES OF REAL ESTATE AGENT RELATIONSHIPS THAT I SHOULD KNOW ABOUT WHEN PREPARING TO BUY A NEW HOME?
Buyers Answers
The State of Connecticut and local realtor sales guidelines recognize three categories of real estate agents relative to a given home being sold. You should always be told by the realtor when you first meet with him or her which category applies.
First there is the Seller''s Agent This is the individual that has drawn up a Listing Agreement with the owner of a a given home either to sell the home as an exclusive with his own agency or to register the home with the Multiple Listing Service, thereby enabling it to be sold as a "co-broke" with other agencies. The Seller''''s Agent can provide information to a potential buyer concerning the home, but he always places the interest of the seller first. Any information that he receives from the buyer or buyer''''s realtor will be relayed to the seller. Hence, the buyer should not disclose any information to the Seller''s Agent that he does not want the seller to know.
The second type of real estate agent is the Buyer''s Agent. The Buyer''s Agent has the interests of a particular buyer client as his primary concern. He documents this relationship by completing an Exclusive Right to Represent Buyer form. The document describes the geographic area and time period for which the Agreement is in effect. The Buyer''''s Agent is required to disclose to his client any information he learns from the seller or knows about through other sources. He may assist the seller in certain cases, but his primary loyalty is with the buyer. A seller knows that any information given to the Buyer''s Agent will be relayed to the buyer.
The third type of real estate agent is the Dual Agent. A Dual Agent is one that represents both the seller and a potential buyer. It can also occur if the Seller''''s Agent is associated with the same agency as the Buyers Agent relative to a given home. In either case, a Dual Agency document should be prepared by the Buyer''''s Agent and signed by his client testifying that the Dual Agent will treat the seller and buyer honestly and impartially.
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