Buyer Agency refers specifically to the legal relationship established by written agreement between the homebuyer, who becomes the client, and the real estate broker, who acts as the agent/representative of the buyer. In Massachusetts, at the initial meeting to discuss property with any consumer, i.e., buyer or seller, the real estate agent is required by law to present and explain the Mandatory Agency Disclosure form to the consumer.
The very best Buyer Agency relationship
To be a ‘represented’ buyer, you must specifically employ your own agent. Be sure that the agent pledges, in writing, to work only for you from day one to closing. Such a commitment describes the purest form of buyer representation and only an Exclusive Buyer Agent can guarantee that level of service to the buyer client.
Seller’s Agent vs. Buyer’s Agent
If you do not employ your own agent, you will be working with agents who do not represent you. Sellers employ their own agents, by signing a listing agreement with the broker, to promote and protect their interests in the sale of their property. At one time, all real estate agents in Massachusetts were Seller Agents and for this reason they are often referred to as ‘traditional’ agents.
> Seller Agents will assist you, but in fact owe 100% loyalty and
allegiance to the Seller.
> Buyer Agents work for the home buyer at no additional cost.
Consumer advocates criticize disclosed dual agency as a conflict of interest.
Some realty firms attempt to represent both sides of the transaction, i.e., both the buyer and the seller at the same time, in the same transaction. They call themselves disclosed dual agents. Buyer beware! Some buyer agents can morph into a disclosed dual agent. Example: If you hire a buyer agent who works for a firm that also lists property, you risk becoming the victim of a disclosed dual agency relationship should you become interested in or consider purchasing a property that is listed with that firm.