If you are working with a real estate agent, then you NEED TO KNOW what Agency is.
Whether you are currently working with a real estate agent or thinking of doing so, agency is very important for you to know. What is agency you ask? Agency is something that EVERY agent should be bringing up to you before you discuss anything confidential in a real estate transaction.
Let's first define what agency is by definition.
Agency is the term used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction. I.e. The sellers agent or listing agent represents the seller.
How does agency protect you the buyer. Agency ensures that the real estate agent will work in your best interests. Agency also ensures that your information will remain confidential before, during and after the transaction.
Here are some common types of agency:
Buyers agency: Real estate profesionnal represents the buyer's best interests.
Sellers Agent or Listing Agent: Real estate professional represents the seller.
If you are looking for a home, an agent should have you sign an agency form which simply states that they made you aware of agency and your rights. It typically is not an agreement. Just an fyi. If you are selling a home, than your selling agent should have your best interests in mind. I.e. Showing you all offers that come in etc.
Please keep in mind that agency is important to you whether you are the buyer or seller or even both. Because you have to make sure your rights are upheld by the real estate professional.
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media contributor.