How Does Agency Affect Me The Buyer Or The Seller

Dated: 06/19/2016

Views: 338

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    Do you know what AGENCY means? 

Does your neighbor or co worker try to tell you never 

                 to get your own Realtor? 

         Well. Read.THIS. !

  

 Buyer’s Broker: A broker other than the Seller’s broker can agree with the Buyer to act as the broker for the Buyer. 

         In these situations, the Buyer’s broker is not representing the Seller, even if the Buyer’s broker is receiving compensation for services rendered, either in full or in part, from the Seller or through the Seller’s broker:

Buyer’s broker has the fiduciary duties of loyalty, obedience, disclosure, confidentiality, and accounting in dealings with the  Buyer.
 A Seller’s Broker: A broker under a listing agreement with the Seller acts as the broker for the Seller only:
 
Seller’s broker has the fiduciary duties of loyalty, obedience, disclosure, confidentiality, and accounting in dealings with the Seller.
A Broker Representing both Seller and Buyer (Limited Representation) (Dual Agency)

                 A broker, either acting directly or through one or more licensees within the same brokerage firm, can legally represent both the Seller and the Buyer in a transaction, but only with the knowledge and informed consent of both the Seller and the Buyer. I

         In these situations, the Broker, acting through its licensee(s),
 represents both the Buyer and the Seller, with limitations of the duties owed to the Buyer and the Seller:
The broker will not, ( And CAN NOT) without written authorization, disclose to the other party that the Seller will accept a price or terms other than
 stated in the listing or that the Buyer will accept a price or terms other than offered.
 
There will be conflicts in the duties of loyalty, obedience, disclosure and confidentiality. Disclosure of confidential information may
be made only with written authorization.

Regardless of who the Broker represents in the transaction, the Broker shall exercise reasonable skill and care in the performance of the
 Broker’s duties and shall be truthful and honest to both the Buyer and Seller and shall disclose all known facts which materially and adversely affect the consideration to be paid by any party. 

Sooooo DO NOT let anyone tell you that is is better to work with only the Listing Agent, and not have Buyer Representation of your OWN. You Will NOT get a better deal.

AND did you know that YOU do NOT pay for Buyer Representation? The Buyer's Representative receives a commission for the Seller.

If  you ever  feel YOUR representative is not being forthright with you. Don't hesitate to Call the Arizona Department of Real Estate for information. 

http://www.re.state.az.us/

reference to the READE Real Estate AGency disclosure and Election From the Arizona Association of Realtors



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