When you enter into a discussion with a real estate agent or consultant regarding a real estate transaction, you should from the outset understand what type of agency relationship or representation you wish to have with the agent or consultant in the transaction.

Here are the three types of Agency:

Seller Agency (Single Agency) also known as the listing agent

Agent will represent the best interests of the seller
Agent has a duty of honest and fair dealing and good faith
Agent must disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties.

Buyer Agency (Single Agency)* (see the benefits of Buyer Representation)

Agent will represent the best interests of the buyer
Agent has a duty of honest and fair dealing and good faith
Agent must disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties.

Transactional Broker is also known as Dual Agency

Agent represents both the buyer and the seller equally
Agents objective is to get a mutually satisfactory agreement among all parties
Agent gives all options to the buyer and the seller

You need to hire an agent or consultant to represent your best interests.

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