What is the difference between a Listing Agent and a Buyer's
Agent?
A Listing Agent typically has a signed agreement with a Seller,
whereby the Listing Agent agrees to represent the Seller's
interest marketing the property and in obtaining the highest
possible price for the property. Listing Agents typically
share their listing and cooperate with other Agents who become
sub-agents of the Listing Agent. These sub-agents effectively
become representatives of the Listing Agent and assist the
Listing Agent in representing the Seller's interest in obtaining
the highest possible price. While a Listing Agent or an Agent
who is a sub-agent may be helpful in assisting a Buyer, their
loyalty and duty is obligated to the Seller's best interest
in successfully marketing the property at the highest possible
price. A Listing Agent or their sub-agent is obligated to
disclose to the Seller, any information that the Buyer may
disclose to them.
On the other
hand, a Buyer's Agent has a signed agreement with a Buyer,
whereby the Buyer's Agent agrees to represent only the Buyer's
interest in locating available properties, evaluating those
properties, preparing or assisting in preparing a purchase
contract, negotiating on the Buyer's behalf the purchase of
the property at the lowest possible price and assist in closing
the transaction. A Buyer's Agent is obligated to disclose
to the Buyer, any information that he obtains or is disclosed
to him by the Seller, Listing Agent or any other party.
Unless a Buyer
has a written agreement with an Agent agreeing to represent
the Buyer's interest, the Buyer should assume the Agent represents
the Seller's interests and not the Buyer's interests.
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