A VERY Brief Explanation of Different Types of Agents in Utah
Listing or Seller's Agent: Sometimes referred to as a "traditional agent", the most common real estate agent works on behalf of the Seller and represents their interests during the sale.
Buyer's Agent: Usually a traditional agent who assists the Buyer during a transaction.
Exclusive Buyers Agent: An agent who represents Buyers only and never Sellers in a transaction.
Dual-Agent or Limited Agent: An agent who works to assist in negotiating a mutually acceptable transaction. The agent cannot provide both parties with undivided loyalty, full confidentiality and full disclosure of all information known to the agent.
Homebuyer Representation, Inc. is a Real Estate Brokerage that services Salt Lake City, Utah and surrounding areas. Agents are Exclusive Buyer Agents (EBAs) and represent BUYERS ONLY. For Free Reports or a Free Consultation, contact Homebuyer Representation at (801) 969-8989 or click the highlighted links in this paragraph.
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What is fascinating in some states is that real estate representation is set up in such a manner that both agents (the agent negotiating for the seller, and the agent negotiating for the buyer) by law both represent the seller. I was dumbfounded when I learned of this practice. Evidently, this practice used to be done in California as well, but it was altered a good while before I got into the field (approx the early to mid 90's).
However, in some less populated states, it is still the norm...
Benjamin some states don't allow Dual Representation - what about UT?
BTW. if you have clients moving to AZ, please contact me for reciprocal referral agreements, I would be glad to service your clients with utmost care and professionalism.
Cheers,
Uzi Husain
Arizona Realtor, serving Goodyear & The Phoenix metropolitan area
And if you need to refer to the East Phoenix Arizona Valley and Superstition Mountain area, keep us in mind for referrals. We will take good care of your clients and keep you informed as well.
Carolin Benjamin
Bob and Carolin Benjamin
The Benjamin Team
Keller Williams Integrity First Realty
Gold Canyon Arizona
Sara & Uzi, Utah DOES allow Dual Representation with disclosure. The point at which it is being disclosed however is usually when the Buyer wants to make an offer. This doesn't leave either party with much time to consider their other options...
Bob & Carolin, you win the "Best Last Name" award. Send me some info on Superstition Mountain. It sounds cool.
Hi Ben and Uzi!!!
I didn't mean "dual respresentation", but a different setup where:
Agent A is the agent who secures the lisitng. Their fidiciary duty is to the seller
Agent B procures the buyer. However, their legal fidiciary duty is to the seller (and not the buyer!!!)
This existed in California and was changed approx. 15 years ago. This still exists in some states... California changed the law because many buyers believed that when they shared confidential information with their agent, that their agent was representing their interest, while the converse was true. Very problematic indeed!!
Very straight forward and understandable explanations, Benjamin. As we both know, consumers need to be educated.
At one time all agents represented the seller. It was called "Sub-Agency" not just CA. The thinking behind it was that the seller was paying the commission and that all should represent them.
SO for all you principal brokers that became principals in the last 15 years. Your agent takes a listing and an agent from another brokerage writes an offer and that become your co-agent. That ought knock about ten years off your life just thinking about it. Also take into consideration that back then most brokerages and agents were more neighborhood specialist and that county wide and volume was just starting to penetrate the business models.
Well one day the idea of buyer agency was introduced. Which makes total sense, but was a big controversy at the time. Well the seller's and the old school agents didn't want to pay a BAC. Then no one showed the listings because there was no compensation. That lasted about a week and gradually became a normal practice. In most states Sub-Agency is still legal but not practiced.