DISCLOSURE TERMS

Seller's Agent

An agent working for the real estate firm the seller has employed to sell their property.

In a Multiple Listing situation, all offices work to sell each other's listings. Even if another office holds the actual listing contract, all real estate agents within the multiple are sub-agents of the seller, unless they disclose otherwise.

A seller's agent, or sub-agent, may ask you to sign a disclosure statement that verifies they disclosed their seller’s agency status to you. It is not a contract, simply a disclosure. If the disclosure states they represent the seller, buyers should not disclose confidential information to the seller's agent.

Buyer's Agent

A real estate agent who has signed a statement disclosing they work in the best interests of a buyer.

The statement is not a contract, simply a disclosure, unless you are committing to work exclusively with that agent. In this event, it becomes a contract, which may be referred to as a Buyer Agency Agreement (BAA). If you are committing to work exclusively with that agent, the BAA can remain in force for any period of time you both agree, even as little as one day. A BAA does not necessarily mean you must pay a fee to the agent. The agent is usually paid a portion of the seller's commission fee at closing thus, no cost to you. However, a BAA may state you will pay the agent a fee if you purchase a “For Sale by Owner” home, or a home where the Seller has not committed to paying the buyer’s agent commission. It is important to discuss these scenarios with your agent before signing a Buyer Agency Agreement.

Dual Agent

Dual agency occurs when a buyer's agent shows their client a listing that is held by their own real estate firm, unless they disclose their buyer representation, orally and in writing, prior to showing the listing.

Dual agency is much more complex, since the agent has responsibilities to both parties.