A buyer’s agent is employed to find an acceptable property for a prospective purchaser. The buyer’s agent represents the purchaser in a position of trust and confidence. He/She will negotiate the best possible price and terms for the buyer.
Also known as a listing agent, a seller’s agent works for and represents the seller in a position of trust and confidence. A listing contract spells out the relationship. A seller’s agent negotiates the best possible price and terms for the seller.
*Disclosed dual agency
Dual agency is a relationship in which the agent represents both the buyer and the seller in the same real estate transaction. Since the agent will be in a position of trust and confidence to both buyer and seller, there is the potential for a conflict of interest, especially in nefotiating price and terms. Minnesota law requires the buyer and seller to consent to a dual agency relationship in writing.