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Buyer Agency Options

Buyer Agency Options

In my last column I explained what agency is and why it is important to sellers. This month I would like to explain the different types of agency available to buyers and what you should know about each of them. When you decide to buy a house you will probably work with a Realtor. You will also probably assume that that Realtor is working to represent your best interests. That may or may not be true based on your agency agreement with them. According to our license law, you will be presumed to be represented by the agent you are working with unless you have a written agreement otherwise. That seems pretty simple but what if you don’t have any agreement with your agent? Are they working on your behalf or not? All clients should have a written agency disclosure with their agent when they start working with them so there is no misunderstanding about their level of representation. That is also the reason why you want to work with one Realtor that is representing you, not a different agent for every house you look at. Since our new agency laws went into effect in 2000 Buyers now have the right to their own representation. There are several different types of agency available to buyers. Probably the most common type of buyer agency is non-exclusive buyer agency. This means that you will have a designated agent representing you as a client and assisting you in finding and purchasing a property. You can terminate the relationship at any time and you usually will not have to compensate your agent for...

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