WORKING WITH A REAL ESTATE AGENT

WORKING WITH A REAL ESTATE AGENT
An explanation of the relationship between you and a realtor

The Agency Relationship

REALTORS work within a legal relationship called agency. The agency relationship exists between you, the principal and your agent, the company under which the individual salesperson who is representing you, is licensed. The essence of the agency relationship is that the agent has the authority to represent the principal in dealings with others.

Agents and their salespeople are legally obligated to protect and promote the interests of their principals as they would their own.

Specifically, the agent has the following duties:

Undivided loyalty. The agent must protect the principal's negotiating position at all times, and disclosed all known facts which may affect or influence the principal's decision.
To obey all lawful instructions of the principal.
An obligation to keep the confidences of the principal.
The exercise of reasonable care and skill in performing all assigned duties.
The duty to account for all money and property placed in an agents hands while acting for the principal.

You can expect competent service from your agent, knowing that the company is bound by ethics and the law to be honest and thorough in representing a property listed for sale. Both buyer and seller can be represented by their own agents in a single transaction.

Dual Agency

Dual agency occurs when a real estate agent is representing both the buyer and seller in the same transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent.

If you find yourself involved in a dual agency relationship, before making or receiving an offer, both you and the other party will be asked to consent, in writing, to this new limited relationship.

This relationship involves the following limitations:

The Agent will deal with the Buyer and the Seller impartially;
The Agent will have a duty of disclosure to both the Buyer and the Seller except that;
1. the Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing;
2. the Agent will not disclose the motivation of the Buyer to buy or the Seller to sell unless authorized by the Buyer or the Seller;
3. the Agent will not disclose personal information about either the Buyer or the Seller unless authorized in writing;
The Agent will disclose to the Buyer defects about the physical condition of the Property known to the Agent.

When There Is No Agency Relationship

You may also choose to use the services of a REALTOR without having any kind of agency relationship. This might occur, for example, when you are being shown a property by the seller's agent.

The REALTOR you choose to work with in this manner has a legal and ethical duty to provide you with accurate, honest answers to your questions and can provide all these services:

Explain real estate terms and practices
Provide and explain forms used
Assist you in screening and viewing properties
Inform you of lenders and their policies
Identify and estimate costs involved in a transaction
Assist you in establishing your range of affordability
Prepare offers or counter-offers at your direction
Present all offers promptly

A REALTOR who is not your agent cannot:

Recommend or suggest a price
Negotiate on your behalf
Inform you of his/her principal's top/bottom line
Disclose any confidential information about his/her principal unless otherwise authorized.

You should not provide a REALTOR who is not your agent with any information that you would not provide directly to his or her principal.

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