Single Agency Relationships, the Broker & Real Estate agent owe you, as the buyer or seller, a fiduciary duty to look out for your interest.
For many homeowners, the expectations of buying your first home is both exciting and scary at the same time. After all, for 80% to 90% of American homebuyers, this could be the biggest purchase of your life. Unless you’re an investor, or looking to get into real property investing, it won’t be a transaction you’ll eventually get too comfortable with.
With all this being said, in this article, we want to delve into why you can trust your Realtor to look out for your best interest. As well as how that trust will translate into a successful transaction, where you as the buyer or the seller, will benefit. In many cases, this will depend on the Agency agreement you have with your Realtor, Broker or Sales Associate.
An agency agreement dictates the responsibilities owed to you by your representing agent or Broker. Depending on the state, these rules are modified in small ways but overall, the end results will tend to the be the same. We will go into agency relationships below, but first, let’s start with the 3 types of agency agreements.
