Exclusive Buyer Agents only work for people buying homes, never people selling homes.

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This distinction is important for consumers to understand as it effects the quality of their representation.

Representation in real estate is often misunderstood by most consumers. Here's a brief explanation of how it works.

• All real estate brokerages have a principal broker. The sales persons/agents work under the supervision of the broker and on his/her/their behalf. When sellers and buyers sign an agreement with a brokerage, they are signing an agreement with the broker of the brokerage not the individual salesperson.
• A buyers agent works at a traditional listing brokerage where the agents act as representatives of the broker.
• An exclusive buyers agent works at a brokerage that does not take listings (homes for sale) and never represents sellers, always buyers.
• When a seller signs an agreement with a traditional listing brokerage, the broker agrees to be a fiduciary acting on behalf of the sellers best interest in the transaction
• When a buyer signs an agreement with a traditional listing brokerage, they are entering into an agreement where the brokerage has already committed to act on before of sellers best interest.
• Buyers and Sellers at traditional listing brokerages are asked to sign a dual agency agreement.
• According to the Northern Virginia legal blog, linked above, the following applies;

The agent will be unable to advise either seller or buyer as to the terms, offers or counteroffers (except, however, that the dual agent may have already provided such advice to the seller prior to representing the buyer);

2. The agent cannot advise the buyer as to the suitability of the property, its condition (other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to repairs of the property (to make or request);

3. The agent cannot advise either party in any dispute that might later arise relating to the transaction;

4. The agent will be acting without knowledge of the clients needs, clients experience in the market, or clients experience in handling real estate transactions unless he has gained that information from earlier contact with the client.

Dual agency is legal in Virginia and Washington D.C. as long as the buyer and seller sign the dual agency agreement.

Designated agency is allowed in Maryland which means the broker acts as the dual agent and assigns salespersons to the buyer and seller.

How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.