Real Estate Procedures
Posted February 12, 2014 at 5:56 am by Tim Dustrude
Are you looking to buy or sell some real estate? Merri Ann Simonsen over at Coldwell Banker has some great, detailed information for you which is a great place to start. Here’s an excerpt…
It is important for you to understand the Law of Real Estate Agency. Years back, Department of Licensing determined that most buyers felt that the agent represented them. However, the law at the time required all agents to be subagents of the seller, thereby technically representing the seller. It was for this reason that Congress revised the agency laws to the current ones, which allow for three types of agency representation:
- Buyer’s representation is when the agent is representing the buyer and intends to obtain property at the lowest possible sales price.
- Seller’s representation is when the agent has a listing with the seller and is attempting to obtain the highest possible sales price.
- Dual agency is when the agent shows a buyer one of their own listings and the buyer decides to purchase it. In the case of dual agency, the agent represents the seller as well as the buyer.
Click here to read the whole thing (PDF).
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