Which party in a real estate
transaction is represented by the real estate agent -- the buyer or the seller? Until
recently, that question was never asked because the answer was always the same.
Traditionally all the real estate professionals involved in real estate
transactions were legally and ethically obligated to represent the seller. They may have aided the buyer in certain situations, but their
client or customer was the seller. Today that is not necessarily the case.
In a time of increasing specialization, buyers
can be represented by a Realtor or real estate agent who functions solely as a buyer's broker. In
this case, the sales agent helps the buyer locate a home, negotiate the
purchase price, and is responsible to the buyer only, for an agreed-upon fee or a
percentage commission (sometimes split with the listing agent).
In any real estate transaction you have the right
to know which party the Realtor or real estate agent is representing.