Agency Relationships
Posted April 12, 2011
When real estate professionals work with sellers and buyers, “agency” relationships are established. As you start working with a real estate professional, please ask for a clear explanation of the current agency laws in Alabama, so that you understand these important issues. There are three kinds of agency relationships: Seller’s agent A “seller’s agent” represents the interests of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller’s real estate professional (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller’s specific needs. Buyer’s agent A “buyer’s agent” represents the buyer during the home buying process. The buyer’s real estate professional (agent) has a fiduciary responsibility to represent the buyer’s best interests including reasonable care, loyalty and confidentiality. Limited consensual dual agent A “Limited consensual dual agent” represents the interests of both the seller and the buyer, during the same transaction. A dual agent has responsibilities to both seller and buyer and must act in the best interests of both parties. Understanding these relationships will help you be successful whether you are buying or selling property. Prudential Preferred is proud to offer all three types of relationships, and we have agents who specialize in all three. Please contact us to find out how we can assist you in representing your real estate needs.
Tags: Buying, Selling, Prudential Preferred, Auburn