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An "agent-owned property" is any property that is owned by a licensed real estate salesperson/agent or broker.

Most states require licensed individuals to disclose this info if they're selling their own place, in order to give potential buyers a heads-up that they won't be dealing with the traditional seller/seller's agent setup.

Also, this disclosure makes unrepresented potential buyers (those who don't have a buyer's agent) who might be considering an agent-owned "for sale by owner" property aware that there is the potential for conflicts of interest.

In practice, there isn't much of a difference between a "normal" property and an "agent-owned" property. In both cases, potential buyers must deal with a seller's agent...only in the case of "agent-owned" properties, the seller's agent doesn't have to consult with a seller before making decisions, which could result in things going faster & smoother.

As a potential buyer, if you are unrepresented, be sure to get a real estate attorney and a licensed real estate appraiser (ask friends & family for a recommendation). If you are represented, your buyer's agent should be able to recommend both an attorney and an appraiser to you. This way you'll be protected from problems with both the contract & the property (this goes for "normal" and "agent-owned" properties).

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16y ago

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