BUYER BEWARE
By Liz Burrow
Yawn …… I hear everyone saying!!! Yes, this is a very dry and boring topic but extremely relevant right now, as representation has recently changed in Maryland. Most people understand that when the listing agent shows a home they represent the seller. Until recently, if a buyer viewed a house with anyone other than the listing agent or an agent from the listing company, that agent was deemed to be a presumed buyer agent representing the buyer and their best interests.
Not anymore! If a buyer views a home without a buyer agency agreement, the agent( now called a sub-agent) represents the seller. As a buyer, what this means to you is that any information that you share may no longer be confidential. When the agent is working for the seller they are required to disclose anything that may assist that seller in getting the best price and the strongest terms for the sale of their home. The Maryland Association of Realtors( MAR)‘ Understanding Agency’ document states –‘ A Seller’ s agent may assist the buyer in purchasing the property, but his or her duty of loyalty is only to the seller( s).’
It may seem uncomfortable signing paperwork with an agent whom you have not had the opportunity to get to know, however it becomes increasingly more apparent that the best way to ensure that your interests are protected is to have a buyer agency agreement in place before viewing any properties.
Most agreements have a start and end date, which is customarily anywhere from 3 to 6 months but check for terms of termination. Specifying the right to terminate of 24 or 48 hours with written notice should enable you to cancel the agreement if you are not receiving the level of service expected. Be aware however that termination is not an option once you are under contract or for properties previously shown to you by this agent.
Having a buyer agency agreement allows you to receive full representation, along with all the associated advantages and protections, while the seller still pays the commission **. The standard MAR contract is not excessively complicated but be sure that you read it carefully, and seek legal advice where necessary.
** Some exceptions may apply!
Important Changes in Agency
So Junior says listen up:
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* Resident realtors are welcome to submit real estate articles for print in this column. All articles must be strictly information and market oriented.
20 LakeTalk January 2017
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