Chat Plus

Real estate editor Maryann Haggerty and columnist Elizabeth Razzi respond to a question from a recent online chat.

Q: The District : Recently I purchased a condo. I did not have a buyer's agent because I prefer to do the looking myself. I found a place I liked, and I put down a deposit after meeting with the real estate agent. He asked if I would like his representation as my buyer's agent. It was no extra cost to me, and I agreed. What is the point of this, though? By me signing that paper, is he getting an extra 3 percent from the seller for having done nothing on my behalf? That extra 3 percent could have given me more negotiation power to lower the price.

A: Elizabeth Razzi: Oh, there are layers upon layers of confusion here. It looks as if you and that agent both handled this badly. The agent should have explained very clearly at the outset that he was already representing the seller and that the seller was already on the hook for the full commission, usually 6 percent. He should have explained exactly what services he could or could not provide for you. You made the big mistake of signing a document that you didn't understand.

Maryann Haggerty: In the District, that paper you signed probably explained that you were consenting to dual representation. The law requires disclosure of an agent's fiduciary responsibilities -- that is, what side he is on. Dual representation can be confusing, because it is close to impossible for an agent to properly represent the interests of both buyer and seller. You do not have to consent to such representation.

E.R.: By getting your signature, the real estate agent assured that he did not have to split his commission with another agent. Looking around is the easy part of buying a condo, and that's not where you needed help. You would have been better off working with your own agent, who could have helped you negotiate the price and terms, not to mention helping you understand the documents you were signing.

The next Real Estate Live chat will be at 1 p.m. Nov. 9.