Read - Maryland Agency Disclosure Information
In Most States, Consumer laws require real estate agents to properly inform
and disclose in writing upon first scheduled meeting, just whom they represent,
including definitions of agency types and responsibilities of such. Please
Read!!!!!!
- Sellers Agent
- Represents the seller only. All loyalty, confidentiality, accountability
and best interests are with the seller. Can help/assist buyers with purchasing
in a customer only capacity cannot negotiate.
- Listing Agent
- Agent that obtains initial listing of property, works on behalf of the seller only. All loyalty is with the seller only. Can assist buyers
with purchasing in a customer only capacity, cannot negotiate on buyers
behalf.
- Cooperating Agent
- Acts on behalf of the seller through the sellers agent. All loyalty and
best interests are with the seller only. Can assist a buyer in purchasing
in a customer only capacity..
- Buyers Agent
- Represents the buyer. All loyalty, confidentiality, accountability and
best interests are with the buyer. Assists buyers in the negotiations and
purchase of real estate. Sole devotion is with the buyer only...
- Dual Agent
- Represents the seller and buyer in the same transaction on behalf of each.
Illegal in most states without disclosing. Both seller and buyer must agree
in writing to a dual agency. Maryland requires broker entering into a dual
agency to appoint an agent for each the seller and the buyer to protect
interests of each party, still a possible conflict of interest remains.
In Pennsylvania dual agency can occur through the same agent with a written
agreement amongst seller, buyer and agent.
- Broker
- Either Listing broker or cooperating broker, such as in a multiple listing.
Unless licensed as such, all agents must be under the guidance and supervision
of a licensed broker. All transactions, contracts are actually with the
broker as the agent acting on the brokers behalf. All monies paid to agents
must go directly through the broker.
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