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SUB AGENT When buying any real estate, you really don't want your Agent to be this in any transaction because it really means they are not on your side but actually a Subordinate Agent to the Seller through the Seller’s Agent It would mean that all of those obligations, loyalties and fiduciary duties belong to the Seller and not you. It is almost impossible for an Agent to carry out Customer Service only, learning your preferences, physically showing you properties and then trying to maintain an complete indifference when it comes to advising and negotiating. The mere fact that fundamental advise will be sought and given indicates that there is some confidentiality which, by itself is an implied agency. If your Agent can't see this then it is time to change Agents. Be sure to ask where they stand at the soonest opportunity. There may be very rare circumstances where this type of Agency may be required but be wary of the Agent who professes to assume this position on a regular basis. It has taken a few years for many Realtor’s to get used to not being Sub Agents because that was how it always was up until about the mid 90's. Ultimately the courts decided that in fact Buyers were not being represented properly and then cautioned the industry to correct the situation. The result was a reintegrating of the Laws of agency into the Realtor's Code of Ethics, both of which have always been in place separately but the essence not fully implemented in the real estate business. The bottom line is, when you stop and think about it, a Sub Agent works for the Principal of the other Agent... any principal of any other Agent, which flies in the face of your right to representation if you so choose to use them. SellersAgent101 BuyersAgent101 DualAgent101 ImpliedAgency101 UndisclosedAgency FYI The following description of Sub Agency is taken directly from the OREA Encylopedia: Sub-Agent A brokerage (agent) authorized by another brokerage (agent) to assist in transacting the affairs of the principal (with express or implied consent of the principal), and having the same duties to the principal as the agent. Sub-agency is traditionally associated with seller agency and the authorization of other brokerages to assist in the sale of a listed property. However, sub-agency can also exist in buyer representation when a brokerage representing the interests of the buyer authorizes other brokerages to assist in seeking out property on behalf of that buyer/principal. The popularity of sub-agency has diminished with the growth of buyer agency. Whew! Back To www.realestate1o1.com |