Selling or buying a home is the largest transaction most of us ever become involved in. Yet people sometimes take less time over it than they do when buying a new car. That’s because it’s unfamiliar territory to many of us. We don’t all understand the process. We don’t know what questions to ask. We may take things for granted, rely on others when we should’t, and sometimes we later wish we had known more about the process involved.
Designated Agency, Dual Agency or no Agency? How would you like to be represented?
Designated Agency is the normal relationship with a Realtor, they represent you solely and provide undivided loyalty. Disclosing all that is involved in your transaction. They will negotiate for you.
?Limited Dual Agency means your Agent will represent the seller and the buyer in the same transaction, equally without bias. So if you are the seller your Agent's representation will be limited to the buyer as the Agent will not be able to disclose to them any motivation or bottom lines of the seller. They will no longer be exclusive with your interests in the transaction either. The Agent will not be able to suggest or recommend pricing, your Real Estate Agent will draw up the contract for the buyer.
No Agency or "Customer relationship" may happen when the seller's agent is showing the property to the buyer and the buyer doesn't have an Agent, they can be a "Customer" of the selling Agent. In this case the Agent can draw up the contract, explain terms, practices and forms, assist in screening or viewing properties, prepare and present offers, inform the buyers of lenders and their policies, and identify and estimate costs involved to protect the buyer. The Agent is not allowed to recommend or suggest a price, negotiate on your behalf, inform you of their client's bottom line price or disclose any confidential info about their client unless authorized by the client.