Buying or selling a home in Maryland has become easier with several realtor options available today! But before you are helped by any of the real estate agent you need to know a few things so that you will get the right deal whether you are buying or selling your home.
Firstly, you must know that a real estate agent in Maryland can primarily represent only one side of transaction i.e. an agent can either represent the seller or the buyer. They cannot represent both parties together.
Agent of the Seller
An agent of the seller also known as the listing agent will represent only the best interest of the seller and not the buyer. And if you are a buyer then you can work with the seller’s agent only if you agree not to be represented in the purchase. The seller’s agent can only help you in preparing the offer and can explain the various disclosures and cannot advise you on negotiation strategies or help you in comparing the properties.
Agent of the Buyer
The agent of the buyer assists the buyer in evaluating the properties, developing negotiation strategies, preparing offers. In short, a buyer’s agent will work on the best interest of the buyer. Buyer’s agent can help you by gathering information regarding the property by using the public records, land records and reviewing the necessary disclosures by the seller when you are considering the purchase of a property. In most cases the buyer’s agent gets paid a commission out of the proceeds of the seller at closing.
Besides seller’s agent and buyer’s agent there are sub agents working on the behalf of the seller who show properties that are not listed by the agents brokerage and do not have a current signed agency agreement with the buyer therefore, not acting as their buyer’s agent. Also, there are dual agents who come into the picture when the buyer’s agent and the seller’s agent work for the same real estate brokerage in Maryland. Here, both the buyers and sellers need to agree to the Dual Agency by signing the “Consent for Dual Agency” disclosure.
Whether you are a buyer or a seller you will definitely need help from a real estate agent when dealing with properties in Maryland. And in the whole process the buyer gets a new home, seller gets a big check to cash but what about the realtor? What do they get? How do they get paid? The answer is realtor commission in MD! And who pays that? It’s the seller! The sellers pay the entire realtor commission in Maryland to the listing agent who shares a certain portion with the buyer’s agent.
Are you searching for properties on sale in Maryland and need the help of an agent whom you can trust? Then we at Magnolia Realty are the best bet for you! We reward our clients for taking a more active role in searching for their home either online or by visiting open houses when possible. Once the home you are interested in is identified we will step in and provide you with full service representation for a flat fee of 0.89% of the sales price or $4,000 whichever is higher. The remaining up to 2.11% realtor commission in MD (1.61% rebate when buyer agent commission is 2.5%, and 2.11% rebate when buyer agent commission is 3%) is gifted to you. For properties below $200K, buyer commission rebate shall equal 30% of our commission. To know more about our real estate commission rebate and more contact us today at (301)775-0175 or write to us at email@example.com