Home Purchase Plan Worksheet Page 16
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356.) Find a Realtor
When looking for a home to purchase, you will probably work with a realtor or real estate
agent. This person might be a Buyer’s Agent, a Seller’s Agent or a Dual Agent. Here
are the definitions of these terms:
Real Estate Agent: Real Estate Agents are licensed by the state to allow them to advise
people on real estate issues. They will help facilitate the purchase of your home.
Realtor: Realtors are Real Estate Agents; that is, they are licensed by the state. In
addition, they are members of the National Association of Realtors. In order to use the
title of “Realtor,” a Real Estate Agent must take extra course work in Ethics and adhere
to a stringent set of guidelines for doing business.
Buyer’s Agent:
A Buyer’s agent represents the interests of the buyer in a real estate
transaction. The Buyer’s agent’s responsibilities to the buyer are: undivided loyalty,
obedience, diligence, disclosure, confidentiality, accounting, and reasonable skill and
care. Go to the website of the Connecticut Department of Consumer Protection at:
to get information on choosing
a Buyer’s Agent.
A Seller’s agent or "listing agent" is a person who represents the
Seller’s Agent:
interests of the seller in a real estate transaction. The property owner -- or seller -- is the
client.
Dual Agent:
If a real estate agent working on the sale of a particular home also
represents a client who might be interested in buying that home, by law, the agent must
provide both the seller and the potential buyer with a "Dual Agency Consent Agreement"
form to sign.
A sales agent is supposed to work only for the seller, but by signing the Dual Agency
Consent Agreement, the seller waives that right and agrees that the agent is free to
represent both buyer and seller in the deal. Neither seller nor buyers should agree to
Dual Agency if they feel it's not in their best interest. For more information on Dual
Agents go to:
Connecticut Department of Labor
Page 16
5/28/2013
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