It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have.
Seller Agent: (Listing Agent) A real estate licensee who Is hired to represent the seller. All fiduciary duties are owed to the seller. (buyers pay close attention that it is not in your best interest to have the Seller/Listing agent represent you)
Buyers Agent: A real estate licensee who is hired by the prospective buyer to represent them in a real estate transaction. The buyer’s representative works in the buyer’s best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer’s rep may be paid by the seller or by a commission split with the listing broker.
Disclosed Dual Agent: Dual agency is a relationship in which the brokerage firm and/or the selling agent represents both the buyer and the seller in the same real estate transaction. Dual Agency relationships do not carry with them all the traditional fiduciary duties to the clients. Dual agents owe limited fiduciary duties because of the potential for conflicts of interest in a dual agency relationship it is vital that all parties give their informed consent. This must be in writing. Both sellers and buyers must sign and acknowledge the dual relationship.
Designated Agent: This situation occurs when a broker designates which licensees will act as an agent of the seller or buyer.