There are four types of agency relationships:
Buyer's Agent:
As a buyer's agent, I strictly WORK ONLY FOR THE BUYER, only promote and negotiate for the buyer's interests, and any information I learn is relayed to the buyer. Whenever you work with an agent, make sure you understand who he or she represents.
Seller's Agent:
As a seller's agent, I strictly WORK ONLY FOR THE SELLER, only promote and negotiate for the sellers's interests, and any information I learn is relayed to the seller.
Dual Agent:
As a dual agent, I represent BOTH the buyer and the seller and may not disclose any information that would give an advantage to either party without the other party's consent. How can this happen? As just one example, If you choose me as your buyer's agent, then I act strictly on your behalf. If you should wish to make an offer for a home that is also my listing (where I represent the seller for the sale of her home), then by law I represent both parties. In such an instance, I become a disclosed dual agent. As such, I am not legally permitted to put one party's interests ahead of another. In every instance where dual agency is required, you will always be asked to sign a notice advising you of that. This is a TMI* paragraph, but I take my responsibilies as a realtor very seriously.
Transaction Broker:
This is very unusual in residential transactions in our area. A transaction broker represents neither party and anything may be disclosed to the other party.
You can download the CIS pamphlet here.
*Too much information.
