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A Buyer can engage the services of a real estate agent to purchase property.
The real estate agent is then the agent for the buyer. The agent must put the buyer's interests first and negotiate for the best price and terms for the buyer. This means that the real estate agent represents the buyer, and of course that the agent must disclose any known material defects about the property to the buyer.
If I choose to be represented by a Buyer agent and what services should I expect?
• Obedience
• Loyalty
• Reasonable care and skill
• Confidentiality
• Accounting for funds
when seeking representation by a real estate agent?
• Are you licensed and what is your license #?
• Can I work with other Companies during the time of the agreement?
• What will happen if I buy or sell on my own without the agent?
• When will the agreement expire?
• What happens if the agent found a potential buyer or seller while I was under agreement and
the potential buyer or seller contacts me after the agreement has expired?
• How will the agent or company be paid for their services?
• Does the company represent both buyers and sellers?
When dealing with a real estate company or agency you should understand the role of both the company and the individual agents that work for that firm.
There are two basic types of agencies: those where all the agents work on your behalf and those where some agents may work on your behalf and where others may work on behalf of the other party in your transaction. When a company has agents working for both the buyer and the seller on the same transaction,both the buyer and the seller must agree to this relationship within that company. This is to protect the consumers (both the buyer and the seller) by ensuring consumers always understand who represents their interests. Once agents have been designated to you, they may not be changed without your consent.
Only those agents specifically designated to represent you will protect your interests and you should deal only with them. Others in the same firm may represent a party with opposing interests.
A real estate agent may act as a dual agent representing both the seller and buyer in a transaction but only with the express and informed written consent of both the seller and buyer. Written consent to dual agency must be obtained by the real estate agent prior to the execution of an offer to purchase a specific property. A dual agent shall be neutral with regard to any conflicting interests of the seller and buyer. Consequently a dual agent cannot satisfy fully the duties that would be offered by either a seller or buyer agent. A dual agent does, however, still owe a duty of confidentiality of material information and accounting for funds.
For more information, go to www.mass.gov/dpl/boards/re/index.htm
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