Agreements with a Realtor®
In Wisconsin, a buyer has two options to work with a Realtor – a buyer’s agent or a selling agent. Either way, in Wisconsin, a Realtor is obligated by law to treat all parties fairly in the real estate transaction.
Selling Agent: When working with a selling agent there is no contract between you and the agent, and you are not the agent’s client. You will receive a Broker Disclosure to Customer form that lists the duties owed to you and indicates that the selling agent is an agent of the seller or subagent of the listing broker.
Buyer’s Agent: If you choose to work with a buyer’s agent, you are the buyer’s agent’s client. You and the buyer’s agent sign a contract that includes a Disclosure of Real Estate Agency. The disclosure lists the duties owed to all parties and the duties owed to you as the client.
The buyer’s agent works for the interests of you, the homebuyer, but also must know how to work with the listing agent. A buyer’s agent can:
- Give a negative opinion or critique of a seller’s property beyond disclosing defects.
- Recommend or suggest an offering price or give you an opinion about whether a house is priced too high or too low.
- Structure the offer and draft offer provisions with your best interests in mind.
- Recommend and assist you with negotiation strategies for the best price and terms.
- Research and disclose information as well as research a property’s history title and liens so you can make an informed decision.
Resource: Wisconsin Realtors® Association First Time Homebuyers Guide