| Obserations | The Actual Form | |
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ON THE LIGHTER SIDE Does this mean: A. a buyer is not a buyer unless the buyer buys a property from the agent? B. a seller is not a seller unless the seller sells a property through the agent? C. If you've bought or sold a property without an agent, you are neither a customer or a client but something else? |
The difference between receiving information and
services from an agent and being represented by an agent IS the difference between being a customer and being a client. |
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CAUTION Buyers should never use the Seller's agent to make an offer. The Seller's agent can not represent both parties fairly and the agent's primary allegiance is to the Seller. This would be akin to a Plaintiff hiring the Defendent's lawyer in a legal matter. If you obtain information from any agent that might have a bearing on your decision to buy a property, get it in writing. |
A SELLER'S AGENT represents the seller-
either as a LISTING AGENT under a listing agreement with the seller OR by cooperating as a SUB-AGENT, typically through the Multiple Listing Service ®. In dealing with prospective buyers (customers), a SELLER'S AGENT can provide a variety of information and services to assist the buyer in his/her decision-making, but the SELLER'S AGENT is not the agent for the buyer |
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CAUTION All Agents ultimately work for the Seller A Buyer's Agent is just a Seller's Agent in sheep's clothing. Regardless if the Agent says he/she is a Seller's Agent or a Buyer's Agent, the sale must be completed in order to earn the commission AND the higher the sale price the bigger the commission. |
A BUYER'S AGENT represents the buyer,
preferably pursuant to a Buyer Brokerage agreement. A BUYER'S AGENT'S primary allegiance is to the buyer |
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CAUTION Never use a Dual Agent. An agent cannot possibly represent the Buyer's best interests while at the same time representing the Seller's best interests in the same transaction, regardless if the agent informs both parties. CAUTION The Buyer should not disclose to his/her agent any information in connection with the transaction that the Buyer does not want the Seller to know. |
A DUAL AGENT acts on behalf of both the
seller and the buyer in the same transaction. In other words, both the seller and the buyer are the agent's clients. A DUAL AGENT may not represent both parties without their informed consent, and must ensure that the parties understand the possible effects of the dual representation, including, for example, that no information received in connection with the transaction can be treated as confidential unless an agreement in writing limiting the transfer of information exists. |
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NOTE For an Agent to truly represent a Buyer, the Agent should be working tooth and nail to obtain a lower sale price on behalf of the Buyer. However, this would result in a lower commision for all concerned and would create much friction between agents. |
This form does not create an agency relation-
ship. Its purpose is to ensure that all parties understand who is representing whom and to acknowledge that disclosure of this representa- tion has occurred. |
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