In New York State, according to the Law of Agency, you can be represented one of three ways: Buyers Agent, Sellers Agent, and a Dual Agent.
When you are looking for homes to buy, you want to be represented by a buyer’s agent. A buyer’s agent (your agent as a buyer) has the fiduciary responsibility (legal and ethical relationship of trust) and represents your best interest. If you are looking for homes online, you are more likely to call the listing agent who has the fiduciary responsibility to the seller and represents their best interest. The seller’s agent also must treat you honestly and fairly by the real estate code of ethics, but the seller’s agent has the seller’s best interest in mind.
A dual agent is who represents the seller and the buyer (you). A dual agent must honestly and fairly treat both parties and not disclose any buyer/seller information to both parties. The dual agent must obtain signed informed consent from all parties. For information on home buyer representation, please contact us to make an appointment with our real estate Gurus.