Representation… What’s best for you?

 

Whether you are a buyer or a seller it’s important to understand exactly how you are being represented in the purchase and sale of property.  Precisely what are your Realtor’s obligations in working with you, and in sharing or disclosing information?  While there’s now a bit of extra paperwork required by state law, it’s good to keep in mind that this extra step in acknowledging agency representation was designed to benefit you, the consumer.

Long gone are the days when real estate agents were exclusively agents of the seller.  Buyer’s Agency is now an option, and a very good one at that.  Before the State of Connecticut stepped in to define and clarify agency representation, and to codify the rules to the benefit of buyers and sellers alike, many buyers mistakenly believed that the agent they were working with was solely representing them.  This was usually not the case, and while buyers could expect an agent to deal with them honestly and fairly, the agent had, once upon a time, an obligation to disclose any information that might benefit the seller in the transaction.

No more… confidentiality is key, and your agent, whether you are a buyer or seller, represents you and your interests, and will keep confidential all the information that you provide, unless otherwise authorized to disclose it.  

To really understand the law, the Connecticut Association of Realtors® has provided a very clear and concise explanation which is available on the following tab… Understanding Agency Relationship.  Take a moment to read it and you’ll see exactly how it benefits you.