You meet this really great person. He has a terrific smile; you share great conversation. He asks what you are doing for lunch. During the meal, you discover you have a lot in common. He asks for your number, you willingly give it. Things seem to be going so well. He calls the next day and you meet for dinner and you begin to fall for him. You see him every day for the next few days. Then before your next romantic date he says, "Oh, I probably should have told you at the beginning we can't have an exclusive relationship, um, you should know I'm seeing someone else." You are devastated. He continues, " I really do enjoy your company and want to continue to get to know you, but you have to understand that you will have to share me."
How would you feel right about now? Wouldn't it have been nice to know at the beginning that this man could not offer you an exclusive relationship? Now you are attached and emotionally connected. You could walk away or you could continue in the relationship and hope it works out down the road. Either scenario is going to be painful.
What does this have to do with real estate? EVERYTHING!
With your first contact with a real estate agent in Oregon, it is required by law that you receive a pamphlet called Oregon Initial Agency Disclosure. This pamphlet explains the different types of representation that real estate consumers need to know about. There is much confusion in this area and the state of Oregon has declared that you, as a consumer, need this information at first substantive contact.
But how often does this really happen?
I spoke with someone just today who was never given this information and finally came to the conclusion on her own that the real estate agent as the listing agent could not fully represent her. She wishes she'd had the information before she began looking at homes with him. She feels bad that he spent time helping her but has decided she wants to have her own representation as a buyer.
If the real estate agent doesn't give you this information at the beginning you have to wonder. If they don't at least ask you if you have received this information in the past, you really need to wonder. So can an agent get in trouble for not giving you the information? Not really.
There is a loophole in the law that states:
An agent need not provide a copy of the Initial Agency Disclosure Pamphlet to a party who has, or may be reasonably assumed to have, already received a copy of the pamphlet from another agent.
"Reasonably assumed..."
Hmmm...What does that really mean?
I personally believe that the subject of agency is so important to consumers that no agent should assume a consumer has been given a copy of the Oregon Initial Agency Disclosure. I feel it is the duty of the real estate agent to provide information so that consumers can decide at the outset what sort of agency relationship they want to enter into - before getting sucked in. Just like our fictional person described above, consumers deserve information at the beginning.
I'm going to give you the link to this information HERE and NOW. I'm not assuming anything. You deserve to have the information about how you are represented right from the start.
http://www.oregon.gov/REA/REG/docs/Initial_Agency_Disclosure_Pamphlet.pdf
As an Exclusive Buyer Agent, my goal is to help consumers know there is a better way to be represented in real estate transactions. Even if we never work together, I can feel very good about helping you know about the different types of agency available to you.
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