Re: Buyer’s “agents” in CA? - Posted by Berwyn
Posted by Berwyn on January 11, 1999 at 11:19:54:
I’d suggest you follow his advice and go somewhere else.
I’ll paraphrase briefly from the statrement given me by my Realtor. This doesn’t explain the law, but does give definitions. (If you want to e-mail me your FAX number, I can send you the whole thing. It ain’t California law, but its probably similar everywhere)
Seller’s broker: Lists the property for sale and has a fiduciary duty to the seller. Anything you tell the seller’s broker he is obligated to pass on to the seller, and look out for the seller’s best interests. (Until recent years, all real estate agents were seller’s agents)
Buyers’ broker: Acts on behalf of the buyer, even if paid in whole or part by the seller (My agent’s contract has the commission paid by the seller) The broker must discose any material facts of which the broker is aware that could adversly affect the buyer.
Duyal agency: One agent represents both parties (EX: you have a buyer’s agent contract, and the seller has listed with the same agency) Agent is prohibited from acting exclusively for either party. This limits what the agent can do.
I decided to try a buyer’s broker because I have a tendancy to talk too much and didn’t want to tip my hand to the seller. (Made that mistake when I bought the 4-plex in '96.) So far, she hasn’t shown me anything I want to buy, so I’m waiting for our contract to expire at month’s end so I can start persuing my own leads. (Fine print she wouldn’t change, she gets commission even if I find the deal myself. Won’t fall for that again.)
To find a buyer’s agent in yor area, check out the Real Estate Buyer’s Agent Council at