REPRESENTING BUYERS
When purchasing real estate, buyers usually choose to work with a real estate agent as well. Often the buyers want to be represented in the transaction. This is referred to as buyer’s agency. A brokerage and agent that agree to represent a buyer’s interest in a transaction must: follow the buyer’s lawful instructions, be loyal to the buyer, promote the buyer’s best interests, disclose material facts to the buyer, maintain confidential information and account for any money they handle in the transaction.
DUAL AGENCY
Occasionally the same agent and brokerage who represents the seller also represents the buyer. This is referred to as dual agency. When a brokerage and its agents become "dual agents," they must maintain a neutral position in the transaction. They may not advocate the position of one client over the best interests of the other client, or disclose any confidential information to the other party without written consent.
REPRESENTING BOTH THE BUYER & SELLER
On occasion, the buyer and seller will each be represented by two different agents from the same brokerage. In this case the agents may each represent the best interest of their respective clients. Or, depending on company policy, the agents may both act as dual agents and remain neutral in the transaction. When either of the above occurs, the brokerage will be considered a dual agent. As a dual agent the brokerage and its broker will maintain a neutral position and cannot advocate for the position of one client over another. The brokerage will also protect the confidential information of both parties.
WORKING WITH LAVENDER REAL ESTATE BROKERAGE Lavender Real Estate Brokerage does offer representation to both buyers and sellers. Therefore the potential exists for one agent to represent a buyer who wishes to purchase property listed with another agent in our company. If this occurs each agent will represent their own client, but Lavender Real Estate Brokerage and its broker will act as a dual agent. This means the brokerage and its broker will maintain a neutral position and not take any actions that will favor one side over the other. Lavender Real Estate Brokerage will still supervise both agents to assure that their respective clients are being fully represented and will protect the parties’ confidential information.
In the event that both the buyer and seller are represented by the same agent, that agent and Lavender Real Estate Brokerage will act as dual agents, but only if both parties agree. As dual agents they will treat both parties honestly, prepare and present offers at the direction of the parties, and help the parties fulfill the terms of any contract. They will not, however, disclose any confidential information that would place one party at an advantage over the other or advocate or negotiate to the detriment of either party.
If dual agency occurs you will be asked to consent to it in writing. If you do not agree to your agent acting as a dual agent, you can ask that another agent in our company be assigned to represent you or you can seek representation from another brokerage.
As a buyer, you may also choose to represent yourself on properties Lavender Real Estate Brokerage has listed. In that instance Lavender Real Estate Brokerage will represent the seller and you would represent your own best interests. Because the listing agent has a duty of full disclosure to the seller, you should not share any information with the listing agent that you would not want the seller to know.
WORKING WITH OTHER BROKERAGES
When Lavender Real Estate Brokerage lists property for sale it also cooperates with, and offers compensation to, other brokerages that represent the buyers. Lavender Real Estate Brokerage does reserve the right, in some instances, to vary the compensation it offers to other brokerages. As a seller, you should understand that just because Lavender Real Estate Brokerage shares a fee with a brokerage representing the buyer, it does not mean that you will be represented by that brokerage. Instead that company will be looking out for the buyer and Lavender Real Estate Brokerage will be representing your interests. When acting as a buyer agent, Lavender Real Estate Brokerage also accepts compensation offered by the listing broker. If the property is not listed with any broker, or the listing broker does not offer compensation, we will attempt to negotiate for a seller-paid fee.
We hope you find this information to be helpful to you as you begin your real estate purchase. When you are ready to enter into a transaction, you will be given an Agency Disclosure Statement that specifically identifies the role of the agents and brokerages. Please ask questions if there is anything you do not understand. 