If negotiations need to be made over price or other issues, you won’t have to negotiate them on your own. Your buyer’s agent will do that for you on your behalf after consulting with you. They will prepare all the initial contracts and ensure all disclosures legally required from the seller are presented and signed. Your buyer’s agent provides an invaluable service and will be with you every step of the way right up to and including closing when the keys to your new home are presented to you!
DUAL AGENCY: THE BASICS
A “dual agency” relationship occurs when a buyer is being represented by a brokerage firm that controls the listing. Once an agent represents both the seller and the buyer within the same transaction, the situation is known as “dual agency.” In multiple states, this is illegal because of the conflicts of interest that can arise regarding the broker. All agents hold the same responsibility, which is to inform their clients of all potential risks that could arise due to conflicts of interest. Legally, agents are not allowed to work on both sides of any transaction without consent from the clients. For example, if you’re selling your home, and you don’t want your agent to be working with the buyer, it’s your right to say so in the listing agreement. This is also true for the buyers. A buyer can get out of a buyer’s agency agreement, but only if their agent has a listing in which the buyer is interested. While there may be some advantages to a home seller regarding dual agency, it is probably not in your best interest as a buyer to enter into a dual agency agreement for the following reasons:
• You can’t be advised by your agent as thoroughly when they
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