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Working with a
REALTOR
The Agency Relationship
When working with a REALTOR, it is important to understand for whom the
REALTOR works and to whom he or she is legally obligated. REALTORS are
obliged to disclose in writing to all parties their agency position in a
transaction.
A REALTOR may be your agent - if you have clearly established an agency
relationship with that REALTOR. But often, you may assume such an
obligation exists when it does not.
REALTORS believe it is important that the people they work with
understand when an agency relationship exists and when it does not - and
to understand what that means.
In real estate, there are 3 different possible forms of agency
relationships: Seller's Agency, Buyer's Agency & Dual Agency.
1.Seller's Agent
When a real estate company is a "Seller's agent," it must do what is
best for the Seller of a property.
A Seller's agent must tell the Seller anything known about a Buyer. For
instance, if a Seller's agent knows a Buyer is willing to offer more for
a property, that information must be shared with the Seller. Confidences
a Seller shares with a Seller's agent must be kept confidential.
A Buyer can expect fair service and disclosure of pertinent information
about a property. Nothing will be misrepresented about a property. All
questions will be answered honestly.
2. Buyer’s Agent
A real estate company acting as a "Buyer's agent"
must do what is best for the Buyer. A written contract
establishes Buyer agency. It also explains services the REALTOR will
provide, spells out who will pay and specifies what obligations a Buyer
may have. Typically, Buyers will be obliged to work exclusively with
that REALTOR for a period of time.
A REALTOR working for a Buyer will keep
information about the Buyer confidential from the Seller.
3. Dual Agent
Occasionally a real estate company and its sales representative will be
the agent of both the Buyer and Seller. Under this "dual agency"
arrangement, the REALTOR must do what is best for both the Seller and
Buyer and strict procedures must be followed. A REALTOR can be a dual
agent only if both the Buyer and Seller agree in writing. Ask your
REALTOR for more specific details.
WHO PAYS?
Usually, the REALTOR will be paid from the proceeds of the sale. The
listing agreement states the REALTOR's fee.
I work as a Buyers representative or Dual
representative (properties I have listed)- Call and we can discuss your
needs
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