Do you understand “agency”?

real estate word cloudAgency” is a term used in real estate to determine what legal responsibilities your realtor owes to you and other parties in the transaction.

The seller’s representative (also known as the “listing agent” or seller’s agent) is hired by and represents the seller through a signed exclusive listing contract.

The buyer’s representative or buyer’s agent is hired by and represents the buyer through a signed exclusive buyer representation agreement.

There are also rental listing representatives or agents who are hired by and represent a landlord through a signed rental listing agreement and renter’s agents who are hired by and represent renters through a signed exclusive tenant representation agreement.

In Illinois, both buyers and tenants sign the “Exclusive Buyer/Tenant Representation Agreement”.

A “duel agent” represents both the buyer and the seller in the same transaction. ¬†Duel agency requires written consent from all parties due to the potential for conflicts of interest.