Like any profession, real estate has a complex jargon, much of it required by law. If you are new to the real estate market, what is the difference between seller’s agents and buyer’s agents? Should you use the seller’s agent?
The seller’s agent is also the listing agent. This person is contracted by the home owner to sell the home. They are paid by the seller to get the highest price on the home in the quickest time. The seller’s agent is required to report all conversations with the buyer to the seller. In other words, if you tell the seller’s agent that you “can’t live without this house,” the seller will know it. There will be no negotiating.
The buyer’s agent works for the buyer and is paid through the sale proceeds on the house. The buyer’s agent will show you any home, regardless of who is listing it. They will represent you during negotiations and give you their best advice based on market experience. Anything you tell the buyer’s agent stays with that person, unless you give permission to pass it on.
Dual Agent (Seller’s Agents and Buyer’s Agents)
A dual agent represents both sides of the transaction, as the buyer’s choice. This is legal in Ohio. Both parties must agree to this relationship. If you are in a dual agency, the following are not allowed under Ohio law.
- Disclose confidential information, or information that might have an adverse effect on one party, unless authorized by the client or required by law
- Advocate/negotiate for either the buyer or seller
- Recommend specific terms, such as price, or disclose what a buyer will offer, or a seller will accept
- Engage in conduct or act in a biased manner contrary to either party’s instructions
If you have questions, please contact me. I am more than happy to explain the sometimes confusing world of real estate.
I am originally from Sharonville, Ohio (a suburb of Cincinnati) and I know the Cincinnati/northern Kentucky area. As an active resident, I can help you find just the right area, town, and property for you. I’ll help you sell your Greater Cincy property, as well. If you are interested in real estate for sale in around Cincinnati, Ohio or northern Kentucky, please contact Cincinnati Rock-n-Roll Realtor® Gary Rossignol at (513) 777-2402 or search for a home now.