AGENCY DISCLOSURE:
Each time
you meet with a real estate agent to discuss a specific property
you must be presented with this document. Many agents don't
like this document and many just don't bother using it, but
it is the law. THIS DOCUMENT DISCLOSES WHO WORKS FOR YOU AND
WHO WORKS FOR THE SELLER!
TYPES
OF AGENCY REPRESENTATION
SELLER'S AGENT
When
a seller engages in the services of a listing broker, that
seller becomes the broker's client. This means the broker,
and his/her subagents represent the seller. They owe the
seller undivided loyalty, utmost care, disclosure, obedience
to lawful instruction, confidentiality and accountability.
They must put the seller's interest first and negotiate
for the best price and terms for their client, the seller.
(The seller may also authorize subagents to represent him/her
in marketing the property to buyers).
BUYER'S AGENT
When a buyer engages in the services
of a broker then that broker becomes the broker's client.
The broker owes the buyer undivided loyalty, utmost care,
disclosure, obedience to lawful instruction, confidentiality
and accountability. They must put the buyer's interest first
and negotiate for the best price and terms for their client,
the buyer. (The buyer may also authorize subagents to represent
him/her in locating property).
DISCLOSED DUAL AGENT
A broker can work for
both the buyer and the seller on the same property provided the
broker obtains the informed consent of both parties. The broker is
then considered a disclosed dual agent. This broker owes the
seller and the buyer a duty to deal with them fairly and honestly.
In this type of agency relationship the broker does not represent
either the seller of buyer exclusively and they cannot expect the
broker's undivided loyalty. Also, undisclosed dual agency is
illegal.
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