The Real Estate Word(s) of the day is "Agency Disclosure"

A written declaration signed by a prospective buyer or seller informing that party of the role that the broker is playing in a specific transaction. The purpose of disclosure is to explain whether the broker represents the buyer or seller or is a dual representative.

When you are out looking for a  home to buy it is important for you to understand what the "Law of Agency" is.  In Washington State all real estate agents are required by law to disclose to a potential buyer or seller as to their representation role.  An agent can represent the buyer, the seller, both (dual agency) or neither.The agent must disclose this in writting in the contract, and by delivering a copy of the "Agency Disclosure" pamphlet prior to signing any contracts. 

If it is important to you that the agent handling your affairs in a transaction is representing only you in that transaction you must make sure that is the case.  Many times when visiting a new development the "site" agents are representing the builder (seller) or at best is a dual agent where they are representing both parties.

In any event an agent has duties to be honest with all involved parties, but that doesn't mean that they have to offer up information that isn't necessarily needed or asked for that could be detrimental to one party or the other if disclosed. 

Make sure you understand who is representing  you and to what extent in any real estate transaction.

By:  Judy Gratton