As the Buyer and Seller proceed with a real estate transaction, it is important that they each understand their professional relationship with the real estate agent(s) and with the company.
Who represents who in a real estate transaction? In Utah, “agency” can be one of three things; 1) Seller Agency; 2) Buyer Agency and 3) Limited Agency. According to Utah State Law, “A Seller’s Agent works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller’s specific needs. A Seller’s Agent has fiduciary duties to the Seller which include loyalty, full disclosure, confidentiality, diligence, obedience, reasonable care, and holding safe monies entrusted to the agent.
An agent may represent, through the brokerage, a seller who wants to sell property or a buyer who wants to buy property. On occasion, an agent will represent both seller and buyer in the same transaction. When an agent represents a seller, the agent is a ‘Seller’s Agent’, when representing a buyer, the agent is a ‘Buyer’s Agent’, and when representing both seller and buyer, the agent is a ‘Limited Agent’.
Every real estate agent must affiliate with a real estate broker. The broker is referred to as a Principal Broker or a Branch Broker (if the brokerage has a branch office). The broker is responsible for operation of the brokerage and for the professional conduct of all agents.”
Agency sounds very complicated but it doesn’t have to be. Allow Bob Richards & Associates to answer your questions and be your professional advocates. They will provide you with accurate, honest and important counsel so you can make a proper, educated and informed decision.
Our site contains information about Real Estate, Seller Agency and Representation in the Saint George Utah area. This information is also applicable for ST George Utah, Washington Utah, Santa Clara Utah, Ivins Utah, Diamond Valley Utah, Hurricane Utah, LaVerkin Utah, Washington Fields Utah, Dammeron Valley Utah and Cedar City Utah.