The following information should help simplify the different
forms of Agency. Please contact Mark with any questions or concerns.
Real Estate One wants yout o understand
the rules of agency. These rules govern your sale or purchase
of real estate and your relationship with the broker you elect
to help you in these activities.
Our company policy to assist home sellers and purchasers in
all aspoects of the home buying or selling process. We have
a simple focus: to provide the fastest, highest quality of
service available in the real estate industry. Real Estate
One has provided the finest professional real estate services
since 1929.
We offer our clients ans customers agency representation that
fits their personal needs. Designated agents are responsible
for helping complete the sale and promoting the bet interest
of the represented party.
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The agency relationship conists of
one person representing the interests of another. The parties
to the relationship are the Principas (Seller or Buyer) and
the Agent. The Agent is retained by the Principal to work
for, act on behalf of, and protect the Principal's interests.
The relationship created is called a fiduciary relationship.
It is a relationship founded on trust because the agent owes
precise duties to the Principal. Among those duties are:
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Loyalty
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Confidentiality
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Disclosure
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Reasonable Care
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Diligence
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Obediance
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Accounting
In the field of real estate sales, the Agent is required to
fairly follow all of the duties owed to the Principal and in
addition, be honest with all others involved in any given transaction.
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Real Estate One agents, acting under
designated agency, represent sellers directly as the listing
agent, or under a subagency agreement, through another broker's
listing. The duties that designated seller agents and subagents
owe to the seller include:
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Promoting the best ineterst of the seller
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Disclosing to the seller all facts that might affect or influence the seller's
decision to accept an offer to purchase
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Keeping confidential the seller's motivations for selling
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Presenting all offers to the seller
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Disclosing to seller all information known to the seller's agent about the
identity of all buyers and the willingmess of those buyers to the sale or to
offer a higher price
A designated seller's agent will establish a plan for marketing
the home and provide counselling to prepare the property for
sale and regularly communicate during the marketing period and
through closing. The designated agent's fiduciary duties are
owed to the seller. As listing agents, we cooperate with any
other type of agency offered by other brokers when they show
our listings.
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A designated buyer's agent acts solely
on behalf of the buyer. Designated buyer's agents will disclose
to the buyer known information about the seller which may
be used to benefit the buyer. The duties that a buyer agent
owes to the buyer include:
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Promoting the best interest of the buyer
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Disclosing to the buyer all facts that might affect or influence the buyer's
decision to tender an offer to purchase
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Keeping confidential the buyer;s motivation for buying
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Presenting all offers on behalf of the buyer
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Disclosing to buyer all information known to the buyer's agent about the
willingmess of the seller to complete the sale or to accept a lower price
When real Estate One, Inc. acts as the agent for the buyer,
that buyer has the freedom to discuss the value of the properties,
negotiating strategies, and the personal finances with the sales
associate. The buyer can obtain the associate's opinion concerning
the condition of the property, the effect of any improvements
and a variety of other information which a designated seller's
agent cannot provide. The designated buyer's agent will make
a commitment to make every reasonable effort to locate a property
with certain features as described by the buyer.
It must be remembered, however, that the designated buyer's
agent is not an attorney, accountatn, appraiser, property inspector,
engineer or surveyor. The buyer will need to seek the advice
of those professionals and others for the expertise they can
provided.
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Dual agency occurs when a designated agent has both a listing
contract with the seller and a buyer agency with the buyer.
Under these circumstances, a Real Estate One agent can be
the agent of both the seller and the buyer in a single transaction,
but only with the knowledge and informed consent, in writing,
of both the seller and the buyer.
If both the seller and the buyer agree in writing that the
sales associate invloved must not disclose any information
that would create a negotiating advantage for either client
Ð such as the fact that the seller will accept less than the
list price, or that the buyer will pay more than offered Ð
or other confidential information about the particular client,
the parties may continue with the transaction. In such cases,
the real estate One designated agent will notify all parties
and ill enter into a specific Dual Agency Agreement with them,
which will override all other agreements.
Dual agents are able to facilitate the transaction, but must
remain neutral with regard to the negotiations and material
facts of the sale.
In the case where two different Real estate One designated
agents are involved in representing a buyer and a seller,
it is the named supervising broker(s) in your agency contract(s)
who also become the dual agents and who must act as a neutral
party. Each of the designated agents continues to act on behalf
of their agents.
