How to Choose a Real Estate Agency Based on the Laws of Agency

So what is the answer to making a great purchase and not lose your representation when you looking to purchase a home in New Jersey or any where? This is a very simple and easy way to make sure that this does not happen to you. When you want to find out all of the facts and have a person you can confide in and keep your person issues private then you need to hire and exclusive Buyers Broker.

In Real Estate there is what is called the laws of agency this is the laws of how agents and brokers must adhere to and disclose to every person they come in contact with before they discuss any issues pertaining to real estate or what you are looking to do..

First Agency is Buyers Agency!A Buyers Agent/Broker full fiduciary responsibility to the buyer they must protect the buyer and keep everything the buyer tells the agent confidential unless the buyer gives permission to disclose facts pertaining the transaction.

A Buyers Agent WORKS Only For the Buyer! The Buyers Agent has full fiduciary duties to the Buyer, which include reasonable care, undivided loyalty and confidentiality and full disclosure.

A Sellers Agency.

A Sellers Agent Works Only for the Seller! The Sellers agent has full fiduciary duties to the Seller, which include reasonable care, undivided loyalty and confidentiality and full disclosure. However in dealing with buyers, a Sellers agent must act honestly.

Disclosed Dual Agency. Not Allowed in Most States

A disclosed dual agent works for both Buyer and Seller. To work as a disclosed dual agent, a firm must first obtain the INFORMED WRITTEN CONSENT of the Buyer and Seller. Therefore, before acting as a disclosed dual agent, brokerage firms must make written disclosure to both parties. Disclosed dual agency is most likely to occur when a licensees with a real estate firm working as a buyer's agent shows the buyer properties owned by the sellers for whom that firm is also working as a sellers agent and or sub-agent. A real estate licensee working as a dual agent must carefully explain to each party, that, in addition to working as their agent, their firm also works as the agent for the party.

Remember, a brokerage firm acting as a disclosed dual agent will not be able to put one party's interests ahead of those of the other party and cannot advise or counsel either party on how to gain an advantage at the expense of the other party on the basis of confidential information obtained from or about the other party. If you decide to enter into an agency relationship with a firm, which is to work as a disclosed dual agent, you are advised to sign written agreements with that firm.

TRANSACTION BROKER

The New Jersey Real Estate licensing law does require licensees to work in capacity of an agent when providing brokerage services. A transaction broker works with a buyer or a seller or both in the sales transaction without representing anyone.

The above is the laws of agency in New Jersey they are four different ways in which a buyer or seller can work with and licensed real estate agent. The most important thing that anyone should realize is that when you are faced with the issue of disclosed dual agency remember this in most state around the country Dual Agency is illegal and cannot be offer or used and the fact that and attorney cannot represent to clients in the same case then it is my position neither can anyone else. If you are thinking of purchasing real estate in New Jersey hire your own Exclusive Buyers Broker one who does not list homes at any time. By hiring an njbuyersonestop.com Exclusive Buyers Broker you are assured that you will always be total represented 100% of the time. In many cases and Exclusive Buyers Broker will have more options for the buyer by being able to approach other such as For Sale by Owners for their buyers without having a listing agreement.

Also a true buyers broker should be able to assist you in every aspect of a real estate transaction and provide you full protection.

Tim Robbins, Sr - An Exclusive Buyers Broker in New Jersey for almost 20 years. I have been offer Buyer the option of having their own broker working with and for their interest. The simple difference in agents is who they work for when you are making a purchase. You need to have someone on your side who will guide you through all of the intricacies on the most important purchase of you life. To find out more about how you can become an educated consumer and learn more visit [bestmortgageplans.com/hudhomes.htm] or call 1-800-610-3588