Let`s say you have a family and you need to quickly buy a house in a small community to start a new job. It`s the middle of winter, and there aren`t many offers. You`ll find one that looks good, and you`ll contact the seller who sells the property. The seller is already the client of the broker and the seller, and you will be asked to become a client. No matter what you choose, don`t forget to do your homework in advance. Before signing your agreement with the broker, make sure you know what you want and what services you expect. For sellers, this can include staging, open days, advertising, and a marketing plan. For buyers, this could include much-needed features, potential business breakers, equipment, and geographical considerations. In both cases, make sure it is clear who will pay for these additional services. Hello, what if you attend an open house and you like the property, the agent discovers that you do not work with an agent, asks you to make an offer and allows you to sign the agreement of the buyer`s representative.
The date of the contract is only 7 days, but the holding period is 120 days, but there is no initial where there should be one if the agreement is longer than 6 months (is this agreement valid?). If the agreement fails, but the period of stay indicates an entire geographical area, are you required to give a commission to the first agent if, after the expiry of the contract (maintenance still applies), you buy a property in the area that the first agent did not show you? Does this open day also count as a presentation in technical terms for the buying agency contract, could I go back and make another offer for this property with another agent because technically the first agent did not show me this property? Buying a home is an important decision, so I`m glad you`re interviewing potential sellers to find a representative who best understands your needs. You have options. If you are relatively inexperienced in the world of real estate and want expert advice and advice, I highly recommend that you register as a client. The terms “customer” and “customer” may seem interchangeable, but there are important differences between the two. There are two major differences between the broker`s obligations to a client and a client. I followed your advice on buying a real estate seller and I am reduced to two candidates. One wants me to become a “customer” while the other uses the word “customer.” Is there a difference? In the meantime, be sure to read all the documents you receive from your seller`s broker and ask questions. When discussing between customer status or customer status, think carefully about your needs and discuss them with your seller, who can provide details about the pros and cons of each option. In customer service (and this is important): I am not obliged to make you the best possible offer for this property.
I do not represent your interests in this transaction. I already have a customer: the sellers. My main tasks are for them. If you are my client, I have to answer your questions honestly and I have to disclose essential facts, but under the law I cannot give you your final results or yours. Signing a customer service contract, on the other hand, reduces the seller`s level of service. As a client, the broker is required to treat you fairly, honestly and with integrity and to provide you with conscientious and competent service, but the broker and seller do not owe you a fiduciary duty. Customer status means that your sales representative can help you prepare the documents for a quote, but you could be alone if you decide on your quote strategy. If the Seller is the Seller`s customer, the Seller is obliged to share everything it knows with the Seller.
You need to decide whether sharing information would support or hinder your trading goals. I can only speak in general terms, because I cannot comment on a particular situation in which you are represented by an agent. If the duration of the agreement is less than six months, it is not necessary to start next to the six-month clause, as the agreement does not exceed six months. If a buyer enters into another buyer representation contract (BRA) during the retention period, the standard OREA form states that the buyer is held liable with the original agent for the difference between the commission agreed in the first BRA and the commission agreed in the second, he must purchase within the retention period: most of the time, however, the two commissions cancel each other out. Note that brokers sometimes have their own AROs and do not use orEB, so it is important for a buyer to carefully review these terms before signing. An ARO is a contract, and the terms of it are binding, so it`s important to seek legal advice on issues like this. A buyer is best served when they work with an agent who is forced to put their interests first, rather than finding themselves in situations where the listing agent has a primary duty not for them, but for the seller. Finally, if there is a signed ARO still in force, regardless of whether the introduction took place via an open day or not, the contract applies. I had a friend who had bought a house through an agent she had met at an open house. She later discovered that she had paid $40,000 more than what a previous buyer had offered, and that the sellers had agreed before the transaction collapsed. I had to explain that she was a client, not a client, and that the agent was behaving properly. Remember that we are required by law not to disclose a seller`s profits in such a situation.
Obviously, when I signed the buyer`s customer service contract, my girlfriend had no idea that this was what it meant: she thought the agent was also his agent. As a broker, we are legally obliged to enter into a contractual agreement with a buyer before we can make an offer. When we act for them and only for them, we are talking about a buyer representation agreement. In this scenario, it is our clients and we owe them the highest fiduciary duties. (Fiduciary duties are the same as those of physicians and lawyers: it is the duty to put their interests above ours and to act in their best interests.) Well, there`s nothing wrong with an agent finishing twice or a buyer being a customer as long as the buyer understands that they aren`t getting the same services they would have if they had their own agent. An agent acting for both sellers and the buyer will not be able to create a comparative analysis of the market for the buyer as he likely did for the seller; They can`t really advise you on the price. .