When a real estate company is a "vendor's agent", it must do what is best for the vendor of a property.
A vendor's agent must tell the vendor anything about the purchaser. for instance, if a vendor's agent knows a purchaser is willing to offer more for a property, that information must be shared with the vendor. Confidences a vendor shares with a vendor's agent must be kept confidentail.
A purchaser can expect fair service and disclosure of pertinent information about a property. Nothing will be misrepresented about a property. All questions will be asnwered honestly.
A real estate company acting as a "purchaser's agent" must do what is best for the purchaser.
A written contract establishes purchaser agency. It also explains services the REALTOR will provide, spells out who will pay and specifies what obligations a purchaser may have. typically, purchasers will be obligated to work exclusively with that realtor for a period of time.
A Realtor working for a purchaser will keep information about the purchaser confidential from the vendor.
Occasionally a real estate company will be the agent of both the purchathe purchaser is working ser and the vendor. Under this "dual agency" arrangement. the realtors must do what is best for both the vendor and the purchaser.
A realtor can be a dual agent only if both the purchaser and vendor agree in writing.
Usually the realtor will be paid from the proceeds of the sale. The listing agreement states the realtor's fee.
The realtor working with a purchaser may be a "sub-agent" of the vendor. In this case, the realtor is actually a vendor's agent. While a vendor's agent can provide many valuable services to a purchaser, he or she must do what is best for the vendor.
Purchasers and vendors will always be told in writing who a realtor is working for.