You have decided to buy or sell a house, so after some research, talking with friends and family you call a few agents to discuss working with them.
But, stop. Before you go any further who are you actually going to be contracting with? You may imagine it is the agent with whom you are talking. But in Pennsylvania and maybe elsewhere that is NOT the case. Those forms that are presented to you tell a different story.
Firstly, before discussing any real estate related conversation with you, those agents should tell you about the "Consumer NOTICE". Yes, I capitalized that as it is not a contract, but a notice which explains the different relationships you the public have with an agent or brokerage. Basically it explains who represents who. You, so far have no representation. So be careful what you share, as that agent can share what you tell them with others.
After this, you can get down to the nitty gritty discussing the terms of how you will work together. This includes all sorts of things and is really like an initial date. Will the relationship work, do you like each other, who is going to pay for dinner etc.
Now, as I said at the start, you may even more believe you are going to be contracting with your agent, but that is not the case. You are actually going to be signing documents with the agent's brokerage. In Pennsylvania all agents have to lodge their license with a broker, who is responsible for training them and responsible for their actions. The public contracts with the broker, who designates the agent to work with you. Sometimes you may end up working with a different agent for all sorts of reasons.
The broker is the one who decides if you will be released from the contract, not the agent. The agent may have a lot of discretion who they work with, and the terms of that relationship, but it is still with the broker.
Please, make sure you read what you sign, and understand who you are contracting with from the start, so there are no upsets along the way.
If you have any questions, please reach out to Nick Vandekar, Associate Broker, Selling the Main Line and Chester County with Realty ONE Group Advocates, office 484-237-2055, cell or text 610-203-4543, Nick@VandekarTeam.com. I make sure you have the confidence to make the right decisions throughout the transaction.
Comments(32)