Buying or selling a home is a complex process. Provided below are a few terms and answers to frequently asked questions that will help you understand what is involved, and how Hud Benson can guide you through from beginning to find or sell a home all the way to settlement.
What is the difference between a Buyer's Agent and Seller's Agent?
A Buyer's Agent is a real estate agent who assists the buyer in evaluating properties and preparing offers, and negotiates in the best interests of the buyer or tenant.* A Buyer's Agent is called a "presumed buyer's agent" if there is no written agreement. The Buyer's Agent's commission is typically paid by the seller, not the buyer. Dual agents and cooperating agents can also represent buyers.
A Seller's Agent (often called the Listing Agent) is a real estate agent that works for the real estate company that lists and markets a property for the sellers and landlords and exclusively represents the sellers or landlords.* A Seller's Agent's duty of loyalty is only to the sellers. The Seller's Agent's commission is typically paid by the sellers.
*Source: Maryland Association of Realtors (MAR) Understanding Whom Real Estate Agents Represent addendum
Sales Representative of a Home Builder
An individual employed by a home builder as the home builder's representative to consumers regarding the purchase of a new home from the home builder.*
*Source: MD Attorney General's website: http://www.oag.state.md.us/homebuilder
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