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For people new to real estate transactions, or new to real estate in Washington state, it's important to understand some important things about Washington real estate agency, agency law and real estate agents.
Real estate law is largely governed by state law. Washington state's real estate law clearly defines the duties and obligations of real estate agents and the duties they own to parties that they represent and negotiate with in real estate transactions.
The first duty that real estate agents have to clients and even potential clients, is to give them a copy of the law! There is a pamphlet that all realty agencies have that is usually handed out for this purpose. Windermere also publishes it on there web site at the following link. Washington Real Esate Agency Law The law states that once an agent performs any real estate related services for someone, they have formed an agency relationship - even if no formal agreement for services has been or is ever arrived at. Incumbent in that agency relationship if that the agent must represent their new clients best interests. In addition, they must solely represent their client's best interests. Any interests or conflicts that the agent may have must be disclosed and discussed. For an agent to represent two parties who are on either side of a transaction would require that all parties know and understand and agree to the arrangement. It would be illegal for an agent to represent a party in a real estate transaction in which that agent had an interest without them disclosing that interest.
This is a good law and is not the way that it is done in every state. It puts the consumer in the position of having representation that is exclusive to them in a real estate transaction and allows them the assurance that their agent is working for them and only for them. Other arrangements are possible, and sometimes other arrangements are useful and beneficial - but in the majority of cases having one agent to represent you in a real estate transaction is the way to go. Most real estate agents take agency law very seriously - representing clients well is the very basis of their job. |
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