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Cheshire Office
465 South Main Street
Cheshire, CT 06410
Office Phone:

203-272-0001
Office Fax:

203-250-1339
contact@raveisre.com

 

William Raveis Real Estate

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Table of Contents

  1. What is a Listing Agent?
  2. What is a Buyer's Agent?
  3. What is a Dual Agent?
  4. What is Buyer Broker?
  5. How is a Buyer's agent compensated?
  6. What about buying a For Sale By Owner?

What is a Listing Agent?

A listing agent acts solely on behalf of their seller. A listing agent has fiduciary duties to the seller that include reasonable care, undivided loyalty, confidentiality and full disclosure. A listing agent must disclose all material facts about a listed property that are known to the agent.

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What is a Buyer's Agent?

A buyer’s agent acts solely on behalf of the buyer. A buyer’s agent has fiduciary duties to the buyer, similar to those of the listing agent.

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What is a Dual Agent?

Dual agency means that the company represents both buyer and seller, and accordingly, all the sales associates for the company act in a fiduciary capacity for both the buyer and seller. In dual agency, the company does not represent the buyer of seller exclusively. Both parties must be made aware of this and agree in writing before moving forward.

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What is a Buyer Broker?

The State of Connecticut has realtors explain and have signed a buyer broker for every buyer. This contract empowers the agent to work on behalf of the buyer, determines any fees to be paid and outlines the compensation of the buyer’s agent. Without this signed contract an agent is not allowed to represent the buyer and must inform them they are proceeding as an unrepresented buyer.

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How is a Buyer's Agent compensated?

Typically all MLS listings state a buyer broker percentage. This percentage is set forth by the seller and listing agent and is paid by the seller at the closing. In most cases the buyer only pays any administrative fees associated with their buyer broker.

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What about buying a For Sale By Owner?

Compensation can be paid in two ways; first, the seller can stipulate a certain percentage or dollar amount to pay the buyer’s agent. Secondly, the buyer and his or her agent can determine a percentage or dollar amount they will pay the agent to represent them in the purchase of the home.

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Revised: 03/18/05.

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This site was last updated 03/18/05