|
|
 |
|
|
Massachusetts Agency Disclosure
|
|
Types of Real Estate Brokers
|
Not all agents are the same.
Before you buy or sell real estate, you should consider the different types of real estate agents available to you.
In Massachusetts, there are several options for consumers.
|
R.E. SERVICE SUMMARY
|
|
Buyer Agent
|
-- |
Represents Buyer
|
|
Seller Agent
|
-- |
Represents Seller
|
|
Seller Subagent
|
-- |
Represents Seller
|
|
Disclosed Dual Agent
|
-- |
Represents No One
|
|
Non-Agent
|
-- |
Represents No One
|
|
TYPES OF AGENCY REPRESENTATION IN MASSACHUSETTS:
|
SELLER'S AGENT
When a seller engages in the services of a listing broker, that seller becomes the broker's client. This means the broker, and his/her subagents represent the seller. They owe the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the seller's interest first and negotiate for the best price and terms for their client, the seller. (the seller may also authorize subagents to represent him/her in marketing the property to buyers).
BUYER'S AGENT
When a buyer engages in the services of a broker then that broker becomes the broker's client. The broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. They must put the buyer's interest first and negotiate for the best price and terms for their client, the buyer. (The buyer may also authorize subagents to represent him/her in locating property).
DISCLOSED DUAL AGENT
A broker can work for both the buyer and the seller on the same property provided the broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship the broker does not represent either the seller or buyer exclusively and they cannot expect the broker's undivided loyalty. Also, undisclosed dual agency is illegal.
As prescribed by law, every real estate agent in Massachusetts must present all buyers and sellers with a mandatory state form called an Agency Disclosure. This form describes what type of agent you are meeting and the services they provide. It is not a contract.
|
|
