BUYERS

Dual Agent

     You may permit an agent or firm to represent you and the seller at the same time.  This “dual agency relationship” is most likely to happen if you become interested in a property listed with your buyer’s agent or the agent’s firm.  If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer’s agent will ask you to sign a separate agreement or document permitting him or her to act as agent for both you and the seller.  It may be difficult for a dual agent to advace the interests of both the buyer and seller.  Neverthless, a dual agent must treat buyers and sellers fairly and equally.  Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party. 

      Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and another agent represents the buyer.  This option (when available) may allow each “designated agent” to more fully represent each party.

     If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of what your relationship is with the dual agent and what the agent will be doing for you in the transaction.  This can best be accomplished by putting the agreement in writing at the earliest possible time. 

Seller’s Agent Working with a Buyer

     If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent, you can still work with the firm and its agents.  However, they will be acting as the seller’s agent (or “subagent”).  The agent can still help you find and purchase property and provide many of the same services as a buyer’s agent.  The agent must be fair with you and provide you with any “material facts” (such as a leaky roof) about properties.

     But remember, the agent represents the seller-not you-and therefore must try to obtain for the seller the best possible price and terms for the seller’s property.  Furthermore, a seller’s agent is required to give the seller any information about you (even personal, financial or confidential information) that would help the seller in the sale of his or her property.  Agents must tell you in writing if they are seller’s agents before you say anything that can help the seller.  But until you are sure that an agent is not a seller’s agent, you should avoid saying anything you do not want a seller to know. 

     Seller’s agents are compensated by the sellers. 

If you have any questions about Buyer’s Agency or any other Wilmington Real Estate topic contact me at 910-431-9395.