Writer Anyone who has bought a house has likely spent an afternoon with a real estate agent, being driven from one property to the next. Anyone who has sold a home has probably been visited by an agent with potential bidders in tow. Over the years, confusion over who works for whom in a real estate deal has prompted a spate of lawsuits, laws and regulations that have begun to reshape the way agents do business. More and more buyers are turning to these specialized agents for help finding and purchasing a home. In the Baltimore area, buyer agency has soared in popularity since Jan. 1, when agents in Maryland were first required to explain to buyers the various forms of agency representation.
Clients can choose the traditional route.
Sellers pay agents a commission for marketing and showing a home and negotiating a deal on the seller's behalf. Consumer groups and some in the real estate industry have criticized that arrangement as fraught with conflict. For one thing, many consumers fail to realize that co-operating agents work with buyers but are paid by and represent the interests of sellers. Now, under the state's new disclosure law, buyers are being told they can opt for their own agent, and many are making that choice. Use of the service has mushroomed at Coldwell Banker Grempler Realty Inc. since the law took effect, said President D.R.Grempler.