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2019-08-07 10:12:54
Who Represents You in a Real Estate Transaction in Champaign - Urbana?

When you hire a real estate agent in Champaign - Urbana, it’s important to understand whose side they're on as you buy or sell a home. There are a number of ways agents may represent clients.

By knowing where your agent’s loyalties lie, you’ll know what you can tell them and what you can’t. If, for example, you’re dealing with an agent who doesn’t represent you but is representing the sellers of a home you want to buy, you won’t want to tell them how high you’re willing to go on the price.

No matter what form of representation you agree to, watch out for your own interests and understand the six ways brokers and agents represent clients below.

Buyer’s Agency

Do you want the agent to represent you and only you when you buy a home so that all the information you share with her is confidential? Opt for an exclusive buyer’s agent.

Who pays the buyer’s agent? Surprisingly, even if you hire a buyer’s agent, you can still ask the sellers to pay his fee. You can pay your buyer’s agent yourself, or ask the seller (or the seller’s agent) to pay your agent a share of their sales commission.

Seller’s or Listing Agency

An exclusive seller’s agent represents only the sellers, not the buyers. If your exclusive seller’s agent finds a buyer for your home in Champaign - Urbana, they may have another agent, maybe even a co-worker from the same brokerage, represent the buyer in your transaction. In some cases the buyer may have no agent at all. Your exclusive seller’s agent is loyal only to you, so it’s OK to discuss strategy with him.

Who pays the seller’s agent? The seller pays a commission to the seller’s agent from the proceeds of the sale. The seller’s agent may, and often does, share the commission with the homebuyer’s agent.

Dual Agency

In many states, agents can represent both the buyer and seller. These dual agents seek to bring both sides together. They can’t do something that’s only good for you and not for the other side.

A dual agent situation often arises when one agent represents the buyers and the sellers of the same home. The agent must disclose the relationship and, in many states, you must agree in writing to such dual representation because of the potential for conflicts of interest. While dual agents have an obligation not to share any confidential information of a client without their permission, be sure to inform the agent that the information is confidential and know that any non-confidential information may be shared with the people on the other side of the transaction.

Who pays the dual agent? Usually the seller pays the commission.

Designated or Appointed Agency

What happens when the buyer’s agent and the seller’s agent both work for the same broker?

To make sure both sides of the home sale are treated fairly in this situation, some brokers designate an agent in their company to represent only the buyers and another to represent only the sellers. A designated agent or appointed agent will be loyal to you and only you. The strategy helps avoid a dual agency situation.

Who pays the designated agents? The sellers pay the commission and the designated agents share it.

Searching for the perfect home for sale in Champaign - Urbana? We can help you find the perfect home with our powerful home search feature. Come back to our blog every week for more local Champaign - Urbana articles, along with real estate advice. And make sure to follow us on Facebook!
 
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