Feb. 13, 2019
You're buying or selling a house. Do you know who your real estate agent or broker is representing? Are you sure?
A recent survey by the Consumer Federation of America shows a lot of confusion about that.
Two-thirds of those surveyed believe real estate agents are always or almost always required to represent the interests of the home buyer or seller with whom they are working.
"Yet, many agents working with consumers represent the interests of the other party or the interests of neither party," the report noted.
State law requires real estate professionals to disclose in writing, if they represent the buyer, the seller, both parties or neither party.
That's a critical disclosure because, in many cases, your broker is required to share any information you provide them with to the other party.
Because of the potential for a conflict of interest, it's critically important for you to make sure you understand the terms of this relationship.