It has become very important for consumers to understand agency disclosure laws in Massachusetts as they have changed on multiple occasions over the last five to ten years. One part of the law that it seems that most home-sellers are unaware of is the fact that the majority of Massachusetts real estate companies no longer offer what is referred to as "sub-agency or sellers agency".
Sub-agency is when the "listing" real estate company offers compensation and allows another agency to declare themselves a seller's agent or sub-agent and proceed to show a home under this auspice. Most real estate companies do not allow this to occur. In Massachusetts, the agent showing the home is most often a "buyers" agent and not a "sellers" or sub-agent.
So why is it important for home-owners to understand this? The answer is simple...as a seller you do not want an agent who has no relationship with you working on your behalf. Why you ask? It all boils down to misrepresentation. If a declared sub-agent makes a misrepresentation about your home both the home owner and the listing agent are on the hook for the sub-agents misrepresentation.
The buyer could turn around and sue both the listing agent and the homeowner because the agent showing them the property is a "sellers" representative. If a "buyers" agent misrepresents something the buck stops with them. The buyer would have to sue their agent for the misrepresentation.
There are far fewer agencies that allow sellers agency for this very reason. The liability is enormous. There are still a few left that do still practice this way. Call it being set in your ways I guess?
Protect yourself when selling your home. Do not hire a company that practices sub-agency.
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About the Author: The above Real Estate information on Real Estate Sub Agency In Massachusetts was
provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356.
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