Tuesday, February 19, 2008

First Time Home Buyers Should Know About Agency Agreements

This is the final installment in my series on Columbia SC real estate agency laws.

Here's a summary of the past articles.......

Part One - Discussing agency relationships with real estate licensees (agents) and defining your business relationship with said agents.

Part Two - What's the difference between being a Customer and a Client?

Part Three - Why should all home buyers should hire a professional real estate agent?

Part Four - My fiduciary duties to you as a real estate consumer.

Part Five -What are the legal types of agency relationships in South Carolina?

Let's close this series by discussing agency agreements and summarizing your real estate representation choices.

When you choose client-level service, your written Agency Agreement or your agent should answer these questions:

  • Can you work with other real estate Companies during the time of the Agreement?
  • What will happen if you buy or sell on your own without the agent?
  • When will your Agency Agreement expire?
  • How will the real estate Company be paid for its services?
  • Does the real estate Company represent both buyers and sellers as clients?
  • What are the choices if two clients become involved in one transaction?
  • What duties will the real estate Company continue to provide me after the transaction is completed?

If you plan to become a client of a real estate licensee (agent) and their real estate Company, the licensee should explain the agreement to you fully and should answer questions you may have about the agreement.

Remember, however, that until you enter into a representation agreement with the Company, you are considered a customer and the Company cannot be your advocate, cannot advise you on price or terms, and cannot keep your confidences.

IT'S YOUR CHOICE!!!

As a real estate consumer in South Carolina, it is your choice as to the type and nature of services you receive.

The choice of services belongs to you - the South Carolina real estate consumer.

If you ever have questions about Agency Relationships in Real Estate, please feel free to email me at blogger@davidpatterson.net

1 comment:

Charleston SC Relocation Expert said...

What a great comprehensive list! Buyers can rest assured that David will take great care and protec their interests in their Columbia, SC real estate ventures!