Tim Tran / Su Lim
"ALL YOU NEED TO KNOW"
Phone: 626-285-2121, Ext. 8003
Cell: 626-429-2221
A Real Estate Agent's Role
   Legally speaking, an agent is the person who represents and acts on behalf of another person, called the principal. The agent owes certain duties to the principal. These duties generally include care, confidentiality, full disclosure and accurate accounting, although sound specifics may vary from state to state.

Seller's Agent 

 A real estate agent who is employed by and represents only the seller in a transaction is a "seller's agent." This agent is also known as a "listing agent," because the agent lists the home for sale and generally markets it through a Multiple Listing Service(MLS). The listing agreement serves as a contract between the seller and the agent, and spells out how the seller's agent will be paid. Responsibilities of a seller's agent include getting the highest purchase price and best terms possible for the seller.
A seller's agent can offer buyers a variety of services, including a diligent search to find the right home, an explanation of available financing,calculation of monthly payments and estimated settlement costs, etc. The seller's agent is expected to act honestly and in good faith and may also be required by state law to disclose to the buyer certain kinds of information about the property. However, a seller's agent cannot divulge confidential information to the buyer that is not in the best interest of the seller, such as what price the seller will accept, or offer an opinion of the home's value.

Buyer's Agent

A real estate agent who is employed by and represents only the buyer is a "buyer's agent." The agreement between the buyer and the buyer's agent serves as a contract between them and typically spells out the agent's duties and how the agent will be paid. The buyer's agent may be paid by the seller through a commission split with the listing agent or paid a sales commission by the buyer or by some other mutually agree-upon formula. Some buyer's agent may also (or instead) charge the buyer a retainer or hourly fee for services. In addition to helping the buyer with the house-hunting process, the responsibilities of a buyer's agent - unlike those of the seller's agent - include representing the buyer's interests throughout, and working to negotiate the best price and terms for the buyer.

Dual Agency

Dual agency occurs when the potential buyer is working with an associate from the same real estate company that listed the home for sale. State statues and common law determine how a dual agency is handled. Your real estate professional can explain the alternatives to you. Keep in mind, however, a broker and associates must maintain the confidentiality of their clients. They cannot, for instance, without permission reveal to a buyer what lower price their seller is would accept nor to a seller how much more their buyer is willing to pay.
  

In a dual agency realtionship, the basic goal haven't changed: the seller wants to sell, the buyer wants to buy, and the agents want to help close the transaction.
For further assistance with any other real estate needs, please feel free to give me a call at 800-221-9998x122 or email me.