When buying or selling real estate, you may find it helpful to have a real estate agent assist you. Real estate agents can provide many useful services and work with you in different ways. In some real estate transactions, the agents work for the seller. In others, the seller and buyer may each have agents. And some – times the same agents work for both the buyer and the seller. It is important for you to know whether an agent is representing you as your agent or simply assisting you while acting as an agent of the other party.
Seller’s Agent
If you are selling real estate, you may want to “list” your property for sale with a real estate firm. If so, you will sign a “listing agreement” authorizing the firm and its agents to represent you in your dealings with buyers as your seller’s agent. You may also be asked to allow agents from other firms to help find a buyer for your property. Be sure to read and understand the listing agreement before you sign it. Your agent must give you a copy of the listing agreement after you sign it.
Duties to Seller: The listing firm and its agents must:
• promote your best interests
• be loyal to you
• follow your lawful instructions
• provide you with all material facts that could influence your decisions
• use reasonable skill, care and diligence
• account for all monies they handle for you.
Once you have signed the listing agreement, the firm and its agents may not give any confidential information about you to prospective buyers or their agents without your permission so long as they represent you. But until you sign the listing agreement, you should avoid telling the listing agent anything you would not want a buyer to know .
Services and Compensation: To help you sell your property, the listing firm and its agents will offer to perform a number of services for you. These may include:
• helping you price your property
• advertising and marketing your property
• giving you all required property disclosure forms for you to complete
• negotiating for you the best possible price and terms
• reviewing all written offers with you
• otherwise promoting your interests.
For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the sales commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.