Tag: Davy Talley – Keller Williams
Agents must “elect” a form of agency when they begin working with a given client, and that election must be explicitly stated and acknowledged by their client. Real estate agency laws vary from state to state, but the principles are largely universal: agents must “elect” a form of agency when they begin working with a given client, and that election must be explicitly stated and acknowledged by their client. Every Realtor in Michigan, where my company operates, is legally required to have every client sign a form called “Disclosure Regarding Real Estate Agency Relationships,” which outlines the nature of the agency relationship between the Realtor and their customer. Have a look at Davy Talley – Keller Williams for more info on this.
The following is a list of the various types of agency relationships that exist in real estate:
Agent for the Seller
A seller’s agent represents the seller entirely. The seller’s agents have a fiduciary duty to report to the seller any known information about the buyer that could be used to the seller’s advantage. A seller’s agent bears the following responsibilities to the seller:
Promoting the seller’s best interests
Providing the seller with complete disclosure of all facts that may affect or influence the seller’s decision to accept a purchase offer.
Maintaining the seller’s intentions for selling as a secret
Presenting the seller with all offers
Making all buyers’ identities and any information about their willingness to complete the deal or offer a greater price public.
Agent for the Buyer
A buyer’s agent represents the buyer exclusively. Buyer’s agents have a fiduciary duty to reveal to the buyer any known information about the seller that could be used to the buyer’s advantage. A buyer’s agent owes the following responsibilities to the buyer:
Promoting the buyer’s best interests
- Fully revealing to the buyer all information that could affect or influence the buyer’s decision to make a purchase offer.
Keeping the buyer’s intentions for buying private
- Presenting all bids on the buyer’s behalf
Giving the customer all information regarding the seller’s willingness to complete the transaction or accept a lower price.