Who does the real estate agent represent, the buyer or the seller?
There are two basic types of agency relationships. In a single agency relationship, the agent represents either the buyer or the seller in the transaction, but not both. Sometimes this person is called a buyers agent or a sellers agent. In a dual agency relationship, the agent represents both the seller and buyer in the same transaction. He or she essentially serves as the middleman between the seller and the buyer. The responsibilities of an agent vary depending on whether the agent represents the buyer, the seller, or both. In NY, an agent must fully disclose what type of agent he or she is. This disclosure must be made prior to preparing a purchase and sale agreement.
