Before you start looking at homes and condos for sale in Ocean City, Maryland or enter into any type of real estate agreement it is helpful to know which real estate agents represent who in any given real estate transaction. Below is an overview of the three main capacities that a real estate agent can operate under:
Seller's Agent (Listing Agent) - The Seller's Agent works for the Ocean City real estate company that lists and markets the property for the Sellers and exclusively represents the Sellers. The Seller's Agent may assist a Buyer in purchasing the property, but his or her duty of loyalty is only to the Seller. If you purchase a property from the Seller's Agent you will be unrepresented.
Buyer's Agent - A Buyer's Agent represent a Buyer in identifying a property to buy. A Buyer's Agent assists the Buyer in evaluating properties, preparing offers and developing negotiating strategies that work in the best interests of the Buyer. This relationship is established through a Buyer Agency Agreement.
Dual Agency - Dual Agency arises when the Buyer's Agent and the Seller's Agent both work for the same Ocean City real estate company and the Buyer is interested in purchasing a property listed by that company. In this situation, if all parties agree the transaction moves forward under Dual Agency. Under Dual Agency the Buyer's Agent and the Seller's Agent can each fully represent their clients and their respective best interests.
Ocean City real estate sales are large financial transactions that involve a lot of time, people and tasks to manage. As such, it is always a good idea to have someone representing your specific interests in the transaction. Regardless of your capacity in the transaction an experienced real estate agent will provide considerable value and make the overall process more efficient.
If you would like to discuss buying or selling a coastal home in greater detail, feel free to contact me directly anytime at 443-614-9179.