Buyers and Sellers: Do You Know Who’s Representing You in a Real Estate Transaction?
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Just knowing which type of relationship you have with your real estate agent and broker will help you negotiate the best possible deal, whether you’re a buyer or a seller. If you are not sure of your relationship with your agent, just ask and the agent will tell you. In a real estate transaction, the agent is either representing the Buyer, the Seller or both. In Maryland, more than likely, you signed a disclosure describing the relationship during your initial meeting with the agent. This initial disclosure is titled “Understanding Whom the Real Estate Agents Represent”. This form lists and defines each role a real estate agent can play in a transaction. Sometimes it is more beneficial for the agent to represent the Buyer exclusively or the Seller exclusively while on some occasions it may be more beneficial for the agent to represent both the Buyer and Seller. By knowing exactly what you want to achieve in a real estate transaction you can easily make the determination regarding agent representation from the “Understanding Whom the Real Estate Agents Represent” Form. Further details of the relationship is defined in the Exclusive Right to Sell Residential Brokerage Agreement and the Exclusively Buyer/Tenant Agency Agreement. Your agent will explain his/her role upon signing either of the forms.
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