Buyer Agency . . .

It's Good For Seller's!

     A "Buyer's Agent" is someone who is hired by the buyer to work solely on their behalf.  This means that the real estate agent represents the buyer and must put the buyer's interests first when negotiating price and terms for their client, the buyer.  So, how can this possibly be good for sellers?

     Prior to 2005, (unless contracted otherwise), ALL agents worked for the seller as either a "Seller's Agent" or a "Seller's Sub-Agent".

• A "Seller's Agent" was the agent that was hired by the seller to sell their home.  The "Seller's Agent" was both the specific listing agent of the seller's home as well as that agent's entire office.

• "Sub-Agency" was essentially the seller's authorization to allow all agents to represent him/her in the marketing of its property to buyers.  "Sub-Agents" included every other person in the Commonwealth with a valid real estate license. 

The problem: vicarious liability.  That is, the seller was subject to legal liability for the wrongful actions commited by either seller agents or seller sub-agents

     So . . . "Buyer Agency" is good for sellers because it puts an end to vicarious liability!