Who are you working for?
In some States, ALL Agents, unless "specifically disclosed otherwise", represents the seller in any transaction for the sale of a home. It is that Agent's fiduciary duty (where their loyalty lies) to protect the seller's position at all times. For those of us who have been around for a while, that is the way it has been done for years. Some states are now becoming Buyers Agency States, like Washington State.
Buyer's Agency, however, should be an option that is made available to you. Simply put, it allows the Agent with whom you are working to be your representative and to put your interests above all others. Is it necessary to have a Buyer's Agent? No. Thousands of home buyer's have been well served dealing with the seller's Agent. (For years, it was the only way it was done). The important thing is to understand your options, so that you don't unintentionally accept less representation than you want.
Here are a couple interesting FYI links:
- Wikipedia is unbiased, just the facts.
By default, in both Virginia and DC, all real estate agents by law work for all sellers (even if the agents and sellers have never met before), and have a legal obligation to protect the interests of those sellers; they are considered â€œseller agentsâ€, and the relationship that they have with the buyer is termed â€œseller agencyâ€.
- Wow..., Georgia "requires" such a document.
"While we are all used to the idea of a seller signing a written listing agreement with a real estate broker, the practice of written agreements between buyer and broker has been much less common. As of July 1, however, Georgia law mandates that a broker and buyer must have a written agreement before the broker can represent the buyer as a client."
Suffice it to say that a good agent will explain these things to a buyer in layman's terms. Its the buyers choice to sign an agreement or not, they will be signing plenty of them if they buy a home. Its also the Agent's choice to work with a client or not. I choose to work with all clients, weather they sign or not. I just like them to commit some loyalty to me if I am going to spend my time.
Warm regards to all,