Understanding
Agency
Whether you're looking for a new home or are getting
ready to sell your present home, today's fast-changing real estate
market offers many choices for working with a real estate company
to accomplish your goals. That's why it's important to understand
how agency- the relationship between you, RE/MAX
Mountain Realty and your agent-really works.
Beginning July 1, 1995, the North Carolina Real Estate
Commission has mandated that a real estate agent must disclose
to you in writing who the agent works for in the real estate transaction.
ALL N.C. REAL ESTATE LICENSEES must comply.
Agency is a long-established legal obligation upon
which all agent and client relationships are based. Legally an
agent is a person who acts on behalf of another person- their
client. If the agent is acting as an exclusive seller's agent,
the client is the seller. If the agent is acting as an exclusive
buyer's agent, the client is the buyer. Agency creates "fiduciary
duties" between these parties. Those duties are as follows:
Loyalty- to act in your best interests to the
exclusion of all other interest.
Obedience- to obey promptly and efficiently
all lawful instruction of the client.
Reasonable Care & Diligence- to work with
you in pursuing any questions you have regarding your purchase
or sale and to disclose all material facts about the home.
Accounting- to account for all monies or paperwork
promptly in the transaction.
Disclosure- to keep the client fully informed
at all times of all facts the broker obtains that affect the transaction.
Exclusive Seller Agency
When you list your home for sale, you employ the real
estate company as your "seller's representative" to act
exclusively on your behalf and in your best interests. You will
sign a listing agreement which will outline the duties of your agent
and their company, how long the contract will be in effect, under
what conditions a commission will be earned, to whom, those fees
will be paid-to a seller's agent, buyer's agent, or both. When you
list your home for sale, RE/MAX Mountain Realty and all of their
agents will represent you and your interests.
Exclusive Buyer Agency
When you want to purchase a home you may want an exclusive
buyer agency- your agent and their company represents you exclusively
instead of the seller. The buyer agreement states the obligation
of the buyer and the buyer's
agent, the duration of the contract, under what conditions a fee
will be paid, and by whom.
Dual or Limited Agency
An agent can only serve as dual agent with informed
consent. The possibility of this dual agency must be agreed to prior
to the seller listing their home for sale and before the buyer signs
a buyer agency contract. This enables the company to show and sell
their "in house" listings. When the buyer wants to purchase
that "in house" listing, dual agency must be consented
to again in writing prior to writing the contract. The seller must
consent again as well prior to reviewing and negotiating the received
offer.
The reason for the consent is because the agent and
their company that was an exclusive representative of the seller
and an exclusive representative of the buyer, now is acting as a
representative of both. A dual agent has a limited range of fiduciary
duties to the buyer and the seller. A dual agent is limited on the
duty of loyalty and in the disclosure of confidential information.
The dual agent provides the services necessary to complete the "in
house" sale and treat all parties to the transaction honestly.
When dual agency occurs, the real estate company and other agents
shall:
Disclose to the buyer all material facts about the physical
condition of the property.
Assist in property inspections required by the buyer
Be bound to the original fiduciary duties in the agency
agreement with the exception of undivided loyalty and full disclosure.
Diligently facilitate the sale of the property after the
purchase agreement or sales contract has been accepted.
When dual agency occur, RE/MAX Mountain Realty and their agents
shall not disclose:
The motivation of the seller to sell or the buyer to buy
Price and terms either party may offer or accept other
than those in the listing contract or purchase agreement
The negotiating strategy of either party or any confidential
information that would jeopardize the position of either party-
unless express written permission has been given by the buyer/seller.
Your real estate company is ethically required to disclose to
you their policy on agency. Ask questions. You should know the reputation
of your realtor. Deal with someone you trust. You should expect
to receive honest treatment regardless of your agency relationship.
CONTINUE
Waynesville Office:
2177 Russ Avenue, Waynesville, NC 28786
(828) 452-9393
| Fax: (828) 452-9358 | (866)
795-9393
Maggie Valley Office:
Maggie Valley, NC 28751
(828) 926-9225
| (866) 926-9225
|
