MASSACHUSETTS
AGENCY REPRESENTATION
Massachusetts Real Estate Firms offer Buyer's and Seller's
broker representation when they enter into a broker/client relationship. It is
state law that The Mandatory Licensee-Consumer Relationship form be presented
to all Buyers and Sellers for signatures. This form clearly explains the
details of the broker's relationship to their respective clients
SELLER'S AGENTS: When a seller engages the services of a
listing broker, that seller becomes the broker's client. This means that the
broker and his or her subagents represent the seller. They owe the seller
undivided loyalty, utmost care, disclosure, obedience to lawful instruction,
confidentiality and accountability. They must put the seller's interest first
and negotiate for the best price and terms for their client, the seller.
BUYER AGENTS: When a
buyer engages the services of a broker then that buyer becomes the broker's
client.This means that the broker and
his or her subagents represent the buyer.The broker owes the buyer undivided loyalty, utmost care, disclosure,
obedience to lawful instruction, confidentiality and accountability. The broker
must put the buyer's interest first and negotiate for the best price and terms
for his/her client, the buyer.
Coldwell Banker
Residential Brokerage does not permit a disclosed Dual Agent. That is when a
broker can work as a seller's agent and a buyer's agent on the same property
provided there is consent of both parties. In this type of relationship the
broker does not represent either the seller or the buyer exclusively and they
cannot expect the broker's undivided loyalty. (Undisclosed dual agency is
illegal)
The exception is when a Seller gives permission to their
broker to work with a Buyer as a Seller's Agent and the Buyer agrees.No advice or recommendations can be given to
the Buyer throughout the transaction that is not public knowledge. Should this
situation occur, legal counsel is suggested for the Buyer.( Some buyer's prefer
to work with the listing broker ).
Should a buyer choose to work with the listing broker of a
property Coldwell Banker recommends that the listing broker refer the buyer to
another broker in the office avoiding any conflicts of interest.
Coldwell Banker Residential Brokerage is permitted to be a
Designated Agency under Massachusetts real estate agency law. This means that a
Buyer can be represented by a Coldwell Banker agent and a Seller can be
represented by another Coldwell Banker agent. The brokers would be considered a
buyer's agent or a seller's agent. The company would become a Dual Agent office
because both brokers are independent contractors for Coldwell Banker
Residential Brokerage.
