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What
is the real estate agent's role in a home sale?
Typically, two real
estate agents are involved in the sale of the home-the listing agent, with whom
the seller lists the property, and the agent who shows the property to
prospective buyers.
For the buyer, it is
important to keep in mind that both the listing agent and the agent showing
properties are agents for seller. This means that both of these individuals work
for and on behalf of the seller, not for the buyer. For a prospective buyer,
this is an absolutely crucial point. It means, for example, that neither the
listing agent nor the showing agent is permitted to disclose negative
information to a buyer about the property-that is, information that is adverse
to the seller's interest in selling the property.
As a buyer, you can
avoid this information gap by hiring a buyer's agent. Because this individual
represents you as the buyer, he or she will be required to disclose to you all
relevant information-the bad as well as the good-about the property you are
considering. In addition, a buyer's agent is there to negotiate the best
possible purchase terms for you.
The
seller's listing agent helps determine the price of the home, suggests how to
market the home, schedules advertising and open houses, shows the home to
prospective buyers, and otherwise facilitates the sale.
The
showing agent works with buyers to show homes, contacts the listing agents,
monitors the transaction, and, perhaps, helps to obtain financing. In most
cases, the seller pays the sales commission that is shared by the two agents.
THE
ROLE OF THE REAL ESTATE AGENT IN
GEORGIA
The
term "agent" refers to the real estate company and its sales
associates. Here is how real estate agents relate to buyers and sellers in
Georgia
:
1.
SELLER'S AGENT: the
Company (including its sales people) who has been contractually engaged by the
sellers to represent them in the marketing and sale of their property. They are
pledged to work in the seller's best interest, but are also obligated to be fair
and honest with other parties such as buyers and other agents. Sellers' agents
often work with buyers as "customers."
2.
BUYER'S AGENT: The
Company and its sales person who have been contractually engaged by the buyers
to locate property for them and represent their best interests. The buyer's
agent is obligated to be fair and honest with other parties to the transaction
including the seller. Buyer's agents are usually paid by sharing the seller's
agent’s commission which is paid by the seller.
3.
DUAL AGENT: This
relationship occurs when the seller's agent (listing company) has also entered
into a contractual agreement to represent the buyer as the buyer's agent. This
situation is the exception rather than the rule and all parties must be informed
(disclosure) when it occurs. This situation does not necessarily work against
either the buyer or seller when it occurs.
The
broker will sometimes designate different salespeople to represent the buyer and
the seller. This is referred to as
DESIGNATED
AGENCY.
4.
TRANSACTION AGENT: This
term is applied to a real estate company (including its sales people) who has
not entered into a contractual agreement to represent either the buyer or the
seller. They owe fairness and honesty to all parties but are not pledged to work
in the interest of either party. They treat buyers as customers.
5. CLIENT: A
buyer or seller who has a contract with the agent for representation.
6. CUSTOMER: When
an agent works with a buyer without an agreement to be a buyer's agent, then the
buyer is called a customer. The agent will be either a transaction agent or a
seller's agent.
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