Understanding Seller Agency
Listing Agent -
The listing agent represents the seller and helps the seller to sell their home at the highest possible price. This agency relationship is created when the seller signs the exclusive right to sell listing agreement.
Buyer's Agent -
The buyer’s agent represents the buyer and helps the buyer to purchase the home at the lowest possible price. This agency relationship is created when the buyer signs the exclusive buyer's agency agreement.
A subagent is a person appointed by an agent to perform specific duties, or the whole of the business relating to his agency. This occurs when a real estate licensee from another real estate brokerage brings a potential buyer to the listing without a buyer agency agreement. At this point, the real estate agent from the other real estate brokerage now represents the seller and not the customers that he/she is with.
Dual Agency -
Dual agency is in place when the real estate licensee simultaneously represents both the buyer and seller. This agency relationship is created by signing the dual agency agreement.
Designated Agency -
Designated agency is when the broker-in-charge designates one real estate agent to represent the seller and another real estate agent to represent the buyer. This agency relationship is created by signing the designated agency agreement.