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| Types of "Agency Relationships"
Seller's Agent.... If you engage the services of a Listing Broker to sell your property, you become the Broker's Client. That Broker then represents you, the Seller, and owes you undivided Loyalty, Confidentiality, and Accountability. In negotiating for the best price and terms, he must put your interests first. Buyer's Agent.... You may engage the services of a Broker to represent you exclusively as a buyer of real property. In this case, the Broker Represents you and is Accountable to you. He must obey your instructions, and keep confidential anything you tell him that may affect your purchase of real property. In negotiating for the best price and terms, He must always put your interests first. Disclosed Dual Agent.... A Broker can work for both the Buyer and the Seller on the same transaction, providing he gets the consent of both parties...in writing! In this case, the Broker is considered a "Disclosed Dual Agent." This Broker then owes both the Seller and the Buyer a duty to deal with them fairly and honestly, and to hold each of their respective interests in confidence. In this type of agency relationship, the Broker does not represent either the Seller or the Buyer exclusively, and neither party can expect the Broker to put one parties interests ahead of the others, or to advise either party on how to gain an advantage over the other. Undisclosed Dual Agency by a broker is illegal. For a fuller and more comprehensive explanation of the New Jersey Real Estate Relationships please visit our Forms & Disclosures page and click on "Consumer Information Statement". |