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Excerpt taken from the brochure “Working
with a Real Estate Agent”
Realtors work within a legal relationship called agency. The
agency relationship exists between you, the principal, and your
Agent, the company under which the individual salesperson who
is representing you is licensed. The essence of the agency relationship
is that the Agent has the authority to represent the principal
in dealings with others.
Agents and their salespeople are legally obligated to protect
and promote the interests of their principals as they would
their own. Specifically, the Agent has the following duties:
- Undivided loyalty. The Agent must protect
the principal’s negotiating position at all times, and
disclose all known facts which may affect or influence the
principal’s decision.
- To obey all lawful instructions of the
principal.
- An obligation to keep the confidences
of the principal.
- To exercise reasonable care and skill
in performing all assigned duties.
- To account for all money and property
placed in the Agent’s hands while acting for the principal.
You can expect competent service from your Agent, knowing
that the company is bound by ethics and the law to be honest
and thorough in representing a property listed for sale. Both
buyer and seller can be represented by their own Agents in
a single transaction.
How Agents Get Paid
In most cases properties offered for sale by members of the
real estate industry have a commission or fee for service
that the seller has agreed to pay to the Listing Agent.
The Listing Agent traditionally shares this commission/fee
with the Cooperating Agent. This commission/fee may vary.
Some cases may exist where a seller requires the Agent’s
fee (or portion thereof) to be paid by the Buyer. As this
may be a significant impact in your purchase, we will keep
you informed on such cases.
As a Represented Buyer, you should have a clearly defined
representation agreement with your Buyer Agent. Our Buyer
Agency Agreement clearly states that we represent your best
interests, how much our portion of fees will be, and how that
fee will be paid.
We'd be happy to explain this in more detail at any time.
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