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For many years, real estate was practiced in such a manner that agency relationships were only extended to sellers. Any real estate agent who brought a buyer to the table was actually working as a sub-agent to the seller.
This all began changing in the 1980s, when buyer agency started gaining momentum in residential transactions. Today, agency laws still vary from state to state. But even if you live in a state that recognizes buyer agency, you can’t assume that you will automatically receive fiduciary responsibilities from the agent you’re working with as a potential home buyer.
That’s why it’s vitally important to talk to the agent or broker early in your working relationship about his/her agency status.
Sellers: If you are interviewing agents, DO NOT DISCLOSE PERSONAL INFORMATION (WHY SELLING ETC.) TO ANY OF THEM UNLESS YOU HAVE HIRED THEM!That is information that could be used to your detriment if indeed they decide to bring a buyer if you do not hire!
Granny always said, why would you go to court and let the prosecuting attorney also be your defense lawyer? You hire your own attorney to represent you in court for a traffic offense, why would you NOT want your own representative to look after your best interests with the biggest purchase of your life?
Buyer's please be aware that you need YOUR OWN REPRESENTATION when purchasing a home. The seller pays their commission usually as per MLS agreement with the listing agent.
You need someone to be YOUR advocate and not someone who is working for the seller!
This guide is a very important read for anyone contemplating buying or selling real estate in AZ put out by the Arizona Department of Real Estate.
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