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The basics on seller’s agency

The basics on seller’s agency TheBasics SellersAgency

Many real estate agents don’t take the time to explain designated agency to their home sellers before they are asked to sign a contract. This is a very important aspect of an agent/seller relationship and should not be overlooked. Here are the basics you need to know before you enter a contract.

What is a designated seller’s agent?
It is a contract of representation that is meant to protect the seller and assign duties of loyalty. Upon signing a listing contract, your agent is obligated to loyally represent you, provide full disclosure on matters concerning the sale of your home, account for funds that may be exchanged during a sale – such as the deposit with offer and deposit with a Purchase and Sale – and keep confidentiality as required.

Once a contract is signed, who represents you?
It is important to note that the person with whom you sign a “Designated Seller’s Agent” consent form is the only agent who will represent you. All other agents, whether or not they work for the same brokerage as your designated agent, may represent another party in the transaction of selling your home.

Is there any case in which agency might change?
The only time this contract and the duties therein might change, aside from the case of termination, would be if the agent representing you also represents a buyer who would like to purchase your home – in this case you would be asked to sign a consent to dual agency.

What is dual agency?
In a dual agency our agent then becomes a neutral party where there is any conflict of interest between the parties, but it still bound to you, as well as to the buyer they represent, with the responsibility of confidentiality of material information, and with the management of transaction related funds.

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Gloria Coleman

Gloria is a Sales Associate with the Coleman Group.