How Buyer Agency Works – Maine Real Estate
When you sign an exclusive buyer agency agreement with a buyer’s agent or broker in Maine you’ve got someone who’s working on your behalf. They’re there apply their experience and expertise to keep you in the best position possible as you go through the process of searching, negotiating terms, understanding the contract process and ultimately purchasing your home.
This relationship is so important that the Maine Real Estate commission has created a document called the Brokerage Relationship Disclosure. Agents are required to give to customers and prospective clients a copy of this form at the “first substantive meeting”; the proverbial “real estate first date”. Ideally, this will be accompanied by a deeper conversation about agency and representation.
There are several types of agency that are most commonly practiced in Maine. They’re defined as Buyer Agency, Seller Agency, Dual Agency and Transaction Agency. Make sure to read the Brokerage Relationship Disclosure to understand these and how they impact your position and responses when buying a home.
Pay particular attention to Disclosed Dual Agency to understand how an agent can work with both buyer and seller clients in the same transaction. While there’s a slim chance it will come into play, it’s a bit confusing and worth consideration to you understand what decisions you’ll need to make.