It's important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction. It is equally as important for you to know what agency relationship it is that you have with your salesperson or agent. If it has not been explained to you in a way that you fully understand, or you simply do not know what type of agency relationship it is that you have, if any, then you need to stop and ask before moving forward with your agent.
I suppose that every agent has their own way of working with customers.
I myself like to build a good rapport with my customers, and build a relationship in which I have instilled enough trust in both my knowledge and my abilities to perform the fiduciary duties that are expected of me.
Once I have built that relationship, I then explain the types of agency relationships and make sure that they fully understand all of them. At this point, I am comfortable enough to ask for the customer to now become my client. Once a customer agrees to become a client, the proper paper work is filled and signed, and an agency is then created between the principal (client) and the brokerage. Below are great explanations of the types of relationships you can expect to exist in a real estate transaction and the expectations of those agency relationships.
Sellers Representative (Sellers Agent)
A sellers agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract. In the state of Georgia, ALL agents represent the Seller as either the Agent or Sub-Agent unless they have a Buyer's Agency with a client.
We as Agents still are obligated to be Honest and truthful to all parties involved in a transaction.
Agents do however act faithfully and efficiently to their clients. Agents must put the principals best interests above all others including the agent's own; and agents must NOT reveal confidential information to anyone. Confidential information could be a divorce situation, financial constraints, and other information that is confidential to the client and would NOT be to be disclosed. We do however have a duty to disclose to the principal (client) ALL relevant and material information, Read the rest of this entry »
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