BUYER AGENT, works
for a traditional real estate office that takes listings.
If a buyer wishes to purchase a home listed by their office,
they can declare Dual Agency, and they attempt to "represent"
both the sellers and the buyers - if the buyers give written
consent. As a Dual Agent, they must remain "neutral"
towards buyers. As a Dual Agent, they
CANNOT negotiate on behalf of the buyer, and they CANNOT
recommend specific contract terms, including purchase price
- or any other clauses - that will protect you, the buyer.
"No Realtor can serve two Masters."
SELLER
AGENT, works in a
traditional real estate office that takes listings. Advertises
homes for sale and holds open houses. Always represents
sellers and will be a Dual Agent anytime they "represent"
the buyers.
SELLER
SUB-AGENT, works for
a traditional office and is authorized to represent the
seller. In seller sub-agency, the buyer is not represented
in any agency capacity.
BUYER
SUB-AGENT, works in
a traditional office and can be authorized to "represent"
buyers when a Buyer Agent declares Dual Agency. In buyer
sub-agency, a buyer can be "represented" by an
agent who works in the same office as the seller's agent
during
an "in-house sale" of a traditional office's listing.
DUAL
AGENT, works in a
traditional office that takes listings, and will attempt
to "represent" both the sellers and the buyers
in the same transaction. They CANNOT "advocate or negotiate
on behalf of" the buyer, and they CANNOT "suggest
or recommend specific terms," including purchase price
- or any other clauses - that
will protect you, the buyer. According to Ohio law, Dual
Agents must remain "neutral" towards buyers. Some
states have made Dual Agency illegal - probably because
"No Realtor can serve two Masters."
SPLIT
AGENT*,
works in a traditional office that takes listings, and "represents"
either buyers or sellers during Dual Agency transactions.
A split agent can enter a transaction as a "buyer agent"
or a seller agent, or may be appointed from within the brokerage
to "represent" either a buyer or a seller involved
in Dual Agency during an "in-house sale" of a
traditional office's listing.
*Split
Agent is used by the Ohio Association of Realtors to denote
an agent involved in a Dual Agency transaction, when one
agent "represents" buyers and one agent "represents"
sellers during an "in-house sale" of a traditional
office's listing.
WARNING:
Except for EXCLUSIVE BUYER AGENTS,
all other agents can switch sides during a transaction,
from representing buyers to representing sellers, and vice
versa. In those situations, the agent and their brokerage
would both be Dual Agents.
EXCLUSIVE
BUYER AGENT,
works for an
office that does not take any listings and represents buyers
only. Guarantees confidentiality of bargaining strategy
and financial position. Guarantees to never declare Dual
Agency or Split Agency. Guarantees full representation -
all the time. Always represents buyers as a Client, not
as a customer. Clients receive objective opinions - and
unbiased evaluations - on ANY home for sale. Will point
out the reasons for NOT buying a home. Never a conflict
of interest for buyers, because there's no allegiance with
any sellers. Will include clauses with the contract to further
protect the buyer’s best interests. A genuine Exclusive
Buyer Agent is the only type of agent or Realtor who is
always on the buyer’s side
- on ANY home you choose to buy!