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Standard Seller Representation

Selling or leasing property and you've signed a listing agreement? Then the entire brokerage firm is your agent and you are their client. Agents for other companies cooperating with the listing company and showing it to prospective buyers or tenants may also be your agent. Their goal is to seek a transaction on terms acceptable to you, and they owe you the duties previously outlined.

Sellers: Remember that some agents represent the buyer. They are obligated to tell you upfront, so you are not put to a disadvantage. Buyer agents are not to be feared; they should be welcomed-- not only do they introduce buyers to your property, they also reduce your potential liability.

Buyers: If you are dealing with a REALTOR who represents the seller or landlord, remember: you are a customer of that REALTOR and not a client. The law requires them to tell you upfront. Always keep in mind that he/she is obligated to tell their Seller whatever you tell that agent.

>An agent can normally advise only one side of the transaction.

A seller's agent can still provide valuable services to customers - showing the property, preparing, presenting any offers/counteroffers, comparing financing alternatives, and disclosing known adverse material facts about the condition of the property. All agents must be truthful with all parties, but the seller agent's highest duty is always to seller.

>If a buyer needs advice, he/she cannot get it from Seller's Agent.

As the swing continues from "Buyer Beware" to "Seller Take Care", selling property becomes more complicated. The Fair Housing Act, Seller Disclosure laws, Lead Based Paint Declarations and other legislation make it good sense for sellers to seek advice from a competent source. That's where a good REALTOR earns his/her money...by keeping the client out of trouble!

>back to top
Overview - As Virginia changes from "Buyer Beware" to "Seller, Take Care"... Client? Customer? Don't know the difference? You should read this!
Buyer Representation - A Concept long overdue! "Need to Know" information for buyers and sellers.
Overlapping Agency Relationships - Dual Agency and Designated Representation
Back to the Agency Page - If you're buying real estate and are NOT represented by an agent, think again!!