Standard Seller Representation
Selling or leasing property and you've signed a listing agreement?
Then the entire brokerage firm is your agent and you are their
client. Agents for other companies cooperating with the listing
company and showing it to prospective buyers or tenants may also
be your agent. Their goal is to seek a transaction on terms acceptable
to you, and they owe you the duties
Sellers: Remember that some agents represent
the buyer. They are obligated to tell you upfront, so you are
not put to a disadvantage. Buyer agents are not to be feared;
they should be welcomed-- not only do they introduce buyers to
your property, they also reduce your potential liability.
Buyers: If you are dealing with a REALTOR
who represents the seller or landlord, remember: you are a customer
of that REALTOR and not a client. The law requires them to tell
you upfront. Always keep in mind that he/she is obligated to
tell their Seller whatever you tell that agent.
>An agent can normally advise only one side of
A seller's agent can still provide valuable services to customers
- showing the property, preparing, presenting any offers/counteroffers,
comparing financing alternatives, and disclosing known adverse
material facts about the condition of the property. All agents
must be truthful with all parties, but the seller agent's highest
duty is always to seller.
>If a buyer needs advice, he/she cannot get it
from Seller's Agent.
As the swing continues from "Buyer Beware" to "Seller
Take Care", selling property becomes more complicated. The
Fair Housing Act, Seller Disclosure laws, Lead Based Paint Declarations
and other legislation make it good sense for sellers to seek
advice from a competent source. That's where a good REALTOR earns
his/her money...by keeping the client out of trouble!