NAR
What are they? What do they mean for you?
The NEW rules of
You're ready to search for your dream home, but what about the buyer agent rules set in place by the NAR? You'll find all the details right HERE!
Key Terms.
When buying or selling a home, it’s important to understand the different types of agency relationships that can exist between you, your agent, and the other parties involved in the transaction. Here’s a breakdown of the key terms and what they mean:
SINGLE AGENCY
A Broker or Agent represents the interests of one party in buying or selling only. This can be a Buyer’s Broker/Buyer’s Agent or Selling Broker/Seller’s Agent. This agent can either be a Seller’s Agent or a Buyer’s Agent. -Used when KW agent represents one party and a different brokerage represents the other.
DUAL AGENCY
An agent who is acting as a buyer’s agent and a seller’s agent in the same transaction (or a tenant’s agent and a landlord’s agent).
DUAL AGENCY W/ DESIGNATED
Dual Agency with Designated Sales Agent means a licensed real estate salesperson or associate broker, working under the supervision of a real estate broker, who has been assigned to represent a client when a different client is also represented by such real estate broker in the same transaction. - Used when one KW agent represents either the buyer or seller, and another KW agent represents the other party. This is also applicable when a KW agent is on the other side of a transaction with a KW Gateway Agent or KW WNY/Lancaster Agent.
UNREPRESENTED BUYER
An agent who acts in cooperation with a listing agent, acting as a seller’s subagent or acts as a broker’s agent to find or obtain a buyer for residential real property. A subagent owes the same fiduciary duties to the agent’s client as that agent does. Subagency usually arises when a sales associate, who is not the buyer’s agent, shows property to a buyer. The subagent works with the buyer to show the property but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent.