Difference Buyers Agent and Sellers Agent in Ottawa

October 2, 2018 Facebook Twitter LinkedIn Google+ Homeowners Tips,Selling your Home

difference between buyers agent and sellers agent

Difference between Buyers Agent and Sellers Agent Things you should know

When you are new to the real estate market, it is easy to get confused. There are all sorts of unusual terms that have very precise meanings. A couple of the most commonly misunderstood words are buyer’s and seller’s agents. These words typically describe different types of real estate agents. When they get mixed up, it can cause some confusion in real estate discussions. Here’s what you need to know about the difference between buyers agent and sellers agent types.

Technically speaking, any agent taking part in a transaction is representing the seller. This just means that any agent in the transaction is telling the potential buyer about the seller’s requirements. However, the main agent helping the seller and trying to sell the house is the seller’s agent. This is also called a listing agent in some places because they are the ones who will list the house on the market.

Difference Buyers Agent and Sellers Agent

Things get a little more complicated once we start discussing buyer’s agents. These agents focus on helping the buyer in a sale. In some places, this type of agent is called a selling agent. It might sound similar to a listing agent, but it is actually something entirely different. The selling agent is simply called this because they are the person who sold the home to the buyer. Regardless of the name, they are still the agent who is trying to protect the interests of the person buying the property.

Now that you know the basic difference between these two, we will take a look at some more details. To know the differences between agent types, it is helpful to learn how they work and receive payment. Keep reading to discover all the exact details about these these two agent types.

What Are the Duties of an Agent for a Seller?

The seller’s agent’s main duty is to place the property in the multiple listing service. This makes it easy for all agents to find the property. They may also provide the seller with some advice about showing the house. In some cases, they might bring in potential buyers. During negotiations, the agent for the seller will represent the party who currently owns the house. They will discuss the seller’s requirements and negotiate pricing. Typically, this agent type gets a percentage of the amount the house sells for as payment. Commission may be split with other brokers and agents involved.

What Does the Agent for the Buyer Do?

The buyer’s agent focuses on helping the buyer find a house. They provide information about the local housing market and suggest properties for the buyer to look at. A selling agent can tell their clients about properties both on and off the multiple listing service site. They will assist the buyer in dealing with all the paperwork and negotiations. The commission for this type of agent normally comes from the proceeds of the closing. They will be paid with a portion of the commission for the seller’s agent.

Difference between buyers agent and sellers agent Can the Sellers and Buyers Agent Be the Same Person?

Though rare, it is actually possible for these two types of agents to be the same person. It is not legal in all states, but it can happen in some places. If this happens, the agent has to become a transaction broker. This legally means they do not represent either the seller or buyer. Instead, they are a neutral party that just facilitates the transaction. For most people, this is not ideal because it is helpful to have someone who only focuses on your interests. However, it can help to make the transaction simpler and quicker.Also if you are planning on selling your home,do not overlook the importance of getting a pre-purchase home inspection.

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