FAQ When Talking to a Buyers Agent in Portland
For many buyers, having a Buyers Agent is the ideal choice. My practice is Exclusive Buyer Agency -- the best form of BUYER REPRESENTATION, IMHO. Having a Buyers Agent work for you is an option many home buyers are looking in to. WHY? Because Home Buyers are beginning to realize that the listing agent works for the Sellers.
Here are some Frequently Asked Questions I've complied. These are actually on my website: EBA Portland -- Frequently Asked Questions
Q: What is "Dual Agency"?
A: Buyers and sellers of real estate are deemed by law to compete with one another and to have adverse interests. Accordingly, a real estate broker who acts as an agent for both a buyer and a seller in the same real estate transaction is a dual agent. A real estate broker who acts for both the buyer and the seller and does not clearly disclose his/her status to both parties and receive their informed consent to the arrangement is an undisclosed dual agent.
SIMPLY STATED: Exclusive Buyer Agency is the most ideal form of agency for a buyer!
Q: What is "Disclosed Limited Agent"?
A: This is what Oregon Real Estate law proscribes -- Disclosed "Limited" Agency. It stipulates that a "conflict of interest" must be disclosed. An agent under a "Disclosed Limited Agency agreement has no duty to investigate matters."
SIMPLE STATED: Why would a Buyer (or a seller, for that matter) want to have a "conflict of interest" even if it's disclosed?
Q: What is "Agency"?
A: An agency relationship is defined under the common law as follows:
- Agency is the fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act on their behalf.
- The one for whom action is taken is the principal.
- The one who is to act is the agent.
SIMPLY STATED: An agency relationship is created when the principal (either a buyer or seller) allows the agent to act on their behalf.
Q: What is a "Fiduciary"?
A: Fiduciary duties are the highest duties known to the law. Classic examples of fiduciaries are trustees, executors, and guardians. As a fiduciary, a real estate broker will be held under the law to owe certain specific duties to their principal, in addition to any duties or obligations set forth in a listing agreement or other contract of employment (such as a buyer agency agreement).
SIMPLY STATED: An Exclusive Buyer's Agent has a "fiduciary duty" to their principal (the buyer) to act in their best interests.
Q: What is "Single Agency"?
A: As a practical matter, real estate brokers should avoid dual agency relationships. Creation of a lawful disclosed dual agency relationship is difficult. The obvious alternative to dual agency is single agency: A real estate broker should have one and only one principal per transaction; they should extend loyalty and work diligently to ensue the legitimate interests of their principa.
SIMPLY STATED: Exclusive Buyer Agency is the most ideal form of agency for a buyer!
Q: Do all Buyers' Agent or EBA's work under contract?
A: Not all do. My office does work under a Buyer Representation Agreement in order to avoid any misunderstandings on the AGENCY RELATIONSHIP.
Q: Do Buyers' Agents or EBA's CHARGE buyers directly?
A: No. While any Realtor® can charge a "retainer fee" or other agreed to form of compensation, must Buyers' Agents and EBA's are paid from the proceeds of the listing agent, in what is typically called: A co-op fee, or co-broker fee. This mean, that having a Buyers' Agent or EBA work for you is FREE!
EBA Portland ~~ 100% BUYER REPRESENTATION ~~ 100% of the Time
EBA Portland, LLC is an Exclusive Buyer Agency serving the Metro Portland real estate market since 1999. If you’re a Buyer in the Metro Portland area (including: Beaverton, Tigard, Hillsboro, Lake Oswego, Downtown Portland,) and contemplating a purchase, talk with a Buyer’s Agent . . . better yet, talk to an Exclusive Buyers Agent. Exclusive Buyers Agents do not work for listing brokerages or Sellers. An EBA’s fiduciary duty is: 100% BUYER REPRESENTATION . . . 100% of the Time.
| Carla Muss-Jacobs 503-810-7192 Carla@carlahomes.com |
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Does Oregon have "designated" agency where two different agents within the same firm can represent buyer and seller in the same transaction?
Carla what a GREAT post regarding your exclusivity towards your buyers when chosen to represent them!
Dual Agency is still a common thing here. It will be interesting to see how soon the tide will turn regarding that.
Carla Excellent explanation of agency, but I wouldn't have expected less from a broker/owner of a buyer agency real estate firm
Hi Tammy . . . we don't call it "designated" per se. We have three legal real estate relationships: Seller agent (works for seller), Buyer agent (works for buyer) and Disclosed Limited agent (the agent has disclosed that they will be "limited" in what they can do for either seller and/or buyer).
Hey Andi -- thanks!!
Hi Karen . . . thanks [blushing]