22 Oct Who represents you in a real estate transaction?
Who represents you in a real estate transaction?
There are many elements to a real estate transaction. These include the title company, to the loan officer, to the home inspector and real estate agent(s) for the buyer and the seller.
Who represents you for the seller?
You have two primary groups that work with you. Those are the listing agent and the title company that closes your sale. The title company looks out for your best interests in a real estate closing but does not have a legal representation agreement. The listing agent has a legal representation agreement and obligated to work for your best interests…not theirs. One thing to consider…the form of dual agency that allows the listing agent is also represent the buyer who happens to come in from marketing or an open house dilutes the representation they provide you. The listing agent then is representing both parties. Please make sure you are fully educated on that before you agree to it.
Who represents the buyer?
The buyer has a few more moving parts to the transaction and more people involved. They have the loan officer, the title company, the inspector, and their buyer’s agent. The loan officer assists the buyer in their mortgage but never signs a representation agreement so ultimately, they work for the mortgage company. This does not mean you would not get great rates and service. The title company/closer looks out for your best interest so you do not have liens on the property, any encroachments and anything that will impact the ability to get clean title. While they work on your best interest, they do not have you sign a representation agreement. This is also true for the home inspector…they provide an in-depth review of the house but do not provide opinions or coaching. Your buyer’s agent is the only person in the real estate transaction that signs a legal and binding contract to represent only your best interests.
Nice to know who is in your corner.
Many people in a real estate transaction work on your behalf. But only one is required by law and a binding contract to represent your interests above their own.
If you have any questions about who represents you in a real estate transaction…please contact me.
I hope the blog on this subject was helpful.
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Please reach out to me if you have questions about housing in Minnesota at 612-386-8600. Look for more articles and videos in the future on different aspects of real estate and our state of Minnesota.
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Real estate is a wonderful investment!
Jeff Anderson
The Anderson Team
www.mnrealestate.com
RE/MAX Results
612-386-8600
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