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Types of Agency Relationships 1. A seller’s agent - the agent is affiliated with or is the listing agent. The agent works for and is paid by the seller, but can also work with a prospective buyer in the transaction. However, the agent represents the seller’s interests, is responsible for getting the best possible terms for the seller but is also required to be fair and honest with the buyer.
3. A buyer’s representative (or buyer’s agent) works for YOU as the Purchaser and not for the seller and will be trying to negotiate the best terms and conditions for you. The buyer’s representative is typically paid for his/her services through the fee for service offered through the MRIS by the listing broker. However, the buyers and the buyer’s representative will have a written agreement about compensation. On a very infrequent basis the buyer will pay the buyer agent’s fee separately from the transaction.
4. An intra-company agent (in Maryland) is a buyer’s representative who works for the same company as the listing agent. For example, if you purchase a W.C. & A.N. Miller Company, a Long and Foster listing or a Long and Foster listing then both the listing agent and I would become intra-company agents and the broker of the company becomes a “dual agent”. Nothing changes except the name for the relationship with the following exception:
4a. In order to show you one of my listings (where I would have a standard pre-existing seller agency agreement with the sellers) our relationship would have to be modified (with your consent and the agreement of the sellers) so that for purposes of our relationship, I would become the seller’s “agent” on that transaction with you. However, no confidential information previously shared with me would be shared with the sellers.
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