Client Level Services: When a real estate brokerage company represents the seller and not the buyer in a transaction, the seller is the client and the buyer is the customer of the seller's brokerage company. All fiduciary responcibilities/duties are due the seller under this set of circumstances... and only the seller.
Customer Level Services: When the real estate brokerage company represents the buyer and not the seller in a transaction, the buyer is the client and the seller is the customer of the buyer's brokerage company. The buyer and the brokerage company will enter into a Brokerage Employment Agreement or "Buyer Representation Contract." All fiduciary responcilblities/duties are due the buyer under this set of circumstance... and only the buyer.
These guide lines are the "core" of the ethics and standard practice that ALL real estate professionals in the State of Pennsylvania should adhere to in ALL real estate transactions.
Under most circumstances, the payment of the buyer's agent's fee has already been discussed by the listing agent at the time the listing was signed. The listing agent has pointed out the advantages of compensating the buyer's agent for his service in procurring a ready, willing and able buyer for the property. The fee is then printed in the multiple listing service.
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