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Real Estate Brokerage Relationships
A Checklist
Seller’s Agent
The seller’s agent represents the seller only, so the buyer may be either unrepresented or represented by another agent;
The seller’s agent is responsible for performing the following duties:
Promoting the interests of the seller with utmost good faith, loyalty and fidelity.
Protecting the seller’s confidences, unless disclosure is required;
Presenting all offers in a timely manner;
Advising the seller to obtain expert advice;
Accounting for all money and property received;
Disclosing to the seller all adverse material facts about the buyer that the agent knows;
Disclosing to the buyer all adverse material facts actually known by the agent, including the following:
Environmental hazards affecting the property that are required to be disclosed;
The physical condition of the property;
Any material defects in the property or in the title to the property; and
Any material limitation on the seller’s ability to complete the contract.
The seller’s agent has no duty to perform the following:
Conduct an independent inspection of the property for the benefit of the buyer
Independently verify the accuracy or completeness of any statement by the seller or any third qualified third party.
The buyer’s agent represents the buyer only, so the seller may be either unrepresented or represented by another agent. The buyer’s agent is responsible for performing the following duties:
Promoting the interests of the buyer with the utmost good faith, loyalty and fidelity;
Protecting the buyer’s confidences, unless disclosure is required;
Presenting all offers in a timely manner;
Advising the buyer to obtain expert advise;
Accounting for all money and property received;
Disclosing to the buyer all adverse material facts that the agent knows;
Disclosing to the seller all adverse material facts actually known by the agent, including all material facts concerning the buyer’s financial ability to perform the terms of the transaction.
The buyer’s agent has no duty to perform the following:
Conduct an independent investigation of the buyer’s financial condition for the benefit of the seller, or
Independently verify the accuracy or completeness of any statement by the buyer or any third qualified third party.
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The transaction broker is not an agent for either party, so the transaction broker does not advocate the interests of either party. The transaction broker is responsible for performing the following duties:
Protecting the confidences of both parties, including the following information:
The fact that the buyer is willing to pay more.
The fact that the seller is willing to accept less.
The factors that are motivating any party.
The fact that a party will agree to different financing terms; and
Any information or personal confidences about a party that might place the other party at an advantage.
Exercising reasonable skill and care;
Presenting all offers in a timely manner;
Advising the parties regarding the transaction;
Suggesting that the parties obtain expert advise;
Accounting for all money and property received;
Keeping the parties fully informed;
Assisting the parties in closing the transaction;
Disclosing to the buyer all adverse material facts actually known by the transaction broker, including the following:
Environmental hazards affecting the property that are required to be disclosed;
The physical condition of the property;
Any material defects in the property or in the title to the property; and
Any material limitation on the seller’s ability to complete the contract.
Disclosing to the seller all adverse material facts actually known by the transaction broker, including all material facts concerning the buyer’s financial ability to perform the terms of the transaction.
The transaction broker has no duty to perform any of the following:
Conduct an independent inspection of the property for the benefit of any party.
Conduct an independent investigation of the buyer’s financial condition;
Independently verify the accuracy or completeness of any statement by the seller, buyer or any qualified third party.
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For the Customer: Statement of Representation
Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent’s firm to represent you. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. All licensees representing other parties are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts.
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Why Use A Realtor ?
Buying Process…
Determine your buying power
Assist you in determining your needs
Locate matching properties
Provide objective information on each property
Assist you in negotiations
Advise you on investigations and inspections
Assist you in financing options
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Selling Process…
Assist in pricing determination
Marketing coordinator
Provide qualified prospects
Assist you in negotiating
Monitor and provide flow to closing
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