Buying and Selling Real Estate in Chesterfield, VA
What is agency? Why is agency important?
Agency
It is important that you know the differences between a professional who represents a seller (the "traditional" role of a sales associate), a professional who represents a buyer and one who represents both. In most areas, real estate professionals are now legally obliged to disclose, in writing, information on the various types of real estate agency relationships that exist. You should assume the real estate professional is working for the seller unless otherwise stated.
Buyer's Agent
The buyer's agent represents the buyer during the home buying process. The buyer's real estate professional (agent) has a fiduciary responsibility to represent the buyer's best interests including reasonable care, loyalty and confidentiality.
Seller's Agent
The seller's agent represents the interest of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller's real estate professional (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller's specific needs.
Dual Agent
A Dual Agent represents the interests of both the buyer and the seller, during the same transaction. A dual agent has responsibilities to both buyer and seller and must act in the best interest of both parties.
| Buyer's Agent | Seller's Agent | Dual Agent | |
| Who an agent represents in a transaction | buyer | seller | buyer and seller |
| Who pays agent's commission or fee | seller (in most cases) or buyer | seller | seller |
| Agent's typical responsibilities | Select and show suitable properties; present offer; negotiate terms on behalf of buyer; assist with escrow requirements | Market home under terms of listing contract; negotiate terms on behalf of seller; assist with escrow requirements | Market home for seller; qualify and show home to potential buyers; negotiate terms on behalf of buyer and seller; assist with escrow requirements |