HOW AGENCY WORKBuying or selling a home is one of the most important and potentially rewarding financial transactions you'll make in your life. So it's a good idea to take a moment and consider the kind of relationship you might be entering into with a Realtor. The more you know, the more satisfied you'll be with the results.
"Agency" is the name for the legal relationship between you, the principal, and your brokerage - the company under which the individual representing you is licensed. In this case, you would be entering a legal relationship with Sutton WestCoast Realty, with me as your representative.
SELLERS AGENCY RELATIONSHIPBrokerages and their licensees are legally obligated to protect and promote the interests of their principals (you) as they would their own. Specifically, the brokerage has the following duties:
- Undivided loyalty - the brokerage must protect the principals negotiating position at all times, and disclose all known facts which may affect or influence the principals decision.
- To obey all lawful instructions of the principal.
- An obligation to keep the confidences of the principal.
- To exercise reasonable care and skill in performing all assigned duties.
- To account for all money and property placed in a brokerage's hands while acting for the principal.
DUAL AGENCYDual agency will be coming to an end very soon. It will be replaced with "Designated Agency", starting mid-2012. That is all I know at this time. If you would like more information about the old Dual Agency, there are many websites that go to great detail explaining it.
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