As the Minnesota Agency Law Governmental Regulations succinctly puts it, a buyer’s agent is “acting for the buyer only.” The clarity of that clause tells makes it clear to home buyers that an exclusive buyer agent’s loyalties lie with them. And, it tells you everything you need to know about what kind of representation to seek.

Even if your REALTOR checks off “buyer’s agent” on the form, you can’t be certain he or she is an exclusive buyer agent (EBA). Currently, Minnesota law permits a real estate agent to attempt to offer this type of relationship even if they, or other agents in their firm, list homes. If you reason it out, an agency that works with sellers to list homes can’t really be called “exclusive.” And, not being exclusive agents essentially makes them dual agents.

Yes, home buyers would be well served if Minnesota state law included “Exclusive Buyer’s Agent” as one of the legally defined options for relationships between buyers and agents. Such a category would clear up all ambiguity and make it easy for home buyers to get the benefits of working with an EBA. And, if current trends continue, such a legally defined category one day may be added.

Until then, you can seek out the few real estate agents who do work exclusively with home buyers. Even without a legal requirement, they designate themselves as exclusive buyer agents and avoid any trappings of dual agency. Only with an EBA can home buyers be certain that their agent’s sole fiduciary responsibility is to them.

Most states have a handful of exclusive buyer agencies. (At last count, Minnesota had less than four real estate firms that qualified as exclusive buyer agencies.) Since there are so few, you’ll have to seek out an exclusive buyer agent. And, as you search, knowing how to spot a dual agent will help you avoid working with one. MORE REASONS TO BE WARY OF DUAL AGENTS - KEEP READING!