Types Of Real Estate Representation
There are three ways in which you can be represented during the purchase of a new home.
The Broker/Agent Represents the Seller: Good for Seller, Bad for Buyer
This is the agent who has an agreement to manage the sale of the seller’s home. In addition, if any agent shows you homes without being in a buyer representation agreement with you, by law they are acting as a subagent to the seller and have fiduciary duties to the seller, not you! In this agreement, the buyer should not tell the agent any information he does not want the seller to know because the agent must disclose to the owner any material information they have.
The Broker/Agent Represents the Buyer: Great for Seller, Great for Buyer
This is how a buyer is represented when they have entered into a written buyer representation agreement with their Exclusive Buyer Agent. The agent must put the interests of the buyer first and foremost and will provide the buyer with any material information they have about the seller. They are legally bound to represent the buyer’s interests.
The Broker/Agent Acts as an Intermediary: Good for Seller, Good for Buyer
If the home you buy is listed with Bradfield Properties, then your buyer agent will be assigned to represent you as the buyer in an intermediary capacity. Your buyer agent will still be bound by the duty of confidentiality and will not disclose any of your information to the seller or the seller’s agent. An Intermediary Relationship occurs when one Broker represents both parties in a transaction and assigns individual agents to represent each party exclusively. Each party of the transaction will acknowledge this relationship in writing.