Who Does What To Who- In The World Of Real Estate

Why do we have a page exclusively for REPRESENTATION?

Because it is a somewhat  complicated and frequently misunderstood subject.

REPRESENTATION or AGENCY is really "WHO DOES WHAT TO WHO"

In the Sate of South Carolina the law states that, in broad terms, Real Estate agents will always represent the seller and the seller's interests.

• If you call an agent on the phone and ask him to show you properties, he represents the SELLER.
• If you meet an agent you like and you ask him to help you find a property, he represets the SELLER
• If you call an agent and enquire about a specific listing, he represents the SELLER

At this stage, you are a "customer" and the agents is required by law to perform the following basic duties;

• Present all offers in a timely manner
• Account for money or other property received on your behalf
• provide you an explanation of the scope of services to be provided
• Be fair and honest and provide accurate information
• Disclose "adverse material facts" about the property or the transaction which are within the agents knowledge

Unless or until you enter into a written agreement with your agent's company for agency representation. you are considered a "Customer" of the company and the company will not act as your agent. As a customer, you should not expect the company or its licensees to promote your best interest, or to keep your bargaining information confidential. Since customer service does not require a written agreement, you are not committed to the Company in any way.

YOU CAN BECOME A "CLIENT!"

As a "Client" you are entitled to receive more services than a "Customer". You can become a "Client"  by entering into a written, AGENCY agreement that requires the Company and its associated llicensees to act as an agent on YOUR behalf and promote your best interests.

A BUYER becomes a "CLIENT" of a Real Estate Company by signing a formal BUYER AGENCY agreement with the Company. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the Company which will become the agent for the buyer.

If you enter into a written agency agreement, as a CLIENT, you can expect your agent to provide the following client-level services.

• Obedience
• Loyalty
• Disclosure
• Confidentiality
• Accounting
• Reasonable care and skill
• Advice, councel and assistance in negotiations

When the Company represents only one client in the same transaction (the seller or the buyer), it is called "SINGLE AGENCY"

There are various other levels of agency and we can discuss them further elsewhere

THINGS FOR YOU TO THINK ABOUT WHEN CONSIDERING ENTERING A CLIENT LEVEL AGREEMENT

• WHAT WILL IT COST ME?  Under SREP's  (Seniors Real Estate Professionbal's)   "Buyer's Representative Agreement" there will be no cost to you for our services. We recieve our payment , in the form of sales commission from the seller
• WHAT DOES IT ALL MEAN? We will provide you with written documentation of what you can expect from from us when you become our client
• HOW LONG WILL THIS AGREEMENT RUN? When we prepare the BUYER AGENCY agreement the length of the agreement will be establishe dprior to signing
• CAN I DISOLVE THIS AGREEMENT WHENEVER I WISH? You and your Real Estate agent have the right  to disolve this agreement whenever, and for whatever reason.
• IS YOUR CHOSEN  AGENT THE RIGHT PERSON TO WORK WITH, AND REPRESENT YOU? When you select us to represent you, you know what to expect

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                          Stephen                                           Gordon