As a home buyer or seller, it's crucial to understand the responsibilities of the listing and buying agents before engaging their services. By having a clear picture of their job role, you will have a better chance of avoiding any financial pitfalls and legal troubles.Home Buying
A buyers agent is bound by a set of laws to ensure fair dealings are met on both sides of the real estate transaction. Like a doctor or lawyer, agents have a statutory duty to uphold fair dealings, or else face major penalties including license revoking.
IndyStar.com talks about the role of the buying and listing agent. Some of responsibilities of the buying agent (also called selling agent) include:
- Assisting client in obtaining financing
- Visiting prospective homes
- Handling negotiations with the seller's listing agent
- The offer
- Counteroffer
- Inspection
- Final purchase agreement
When selling a home, sellers will usually work with listing agents. Some of the job responsibilities of listing agents include:
- Negotiating with potential buyers and buyers' agents.
- Working with title companies in providing buyers survey and title data
Source: Knowing agent's role crucial to sealing deal - By Tony Miller, IndyStar
There is also another kind of agent who handles representation for both sellers and buyers on the same transaction, known as limited agency representatives. These agents, although less popular compared to listing or buying agents, are often pursued by buyers or sellers looking to pay lower real estate agent fees. On the same token, this kind of representation also appeals to agents who are looking to not split the real estate agent commission with another agent.
If you selling and looking to buy a home, be sure to check our DoorFly.com where many qualified agents are willing to save you money by representing you as their listing agent and buying agent. It's important to find a real estate agent who will help guide you through the home buying and selling process. Learn more about DoorFly's services!
