Agency Agreement Fact Sheet For Consumers

Allow enough time in the purchase and sale contract to have a professional domestic inspection carried out. Use the references of friends, not the seller`s real estate agent, to find your own inspector. If you are represented by a buyer broker, unless your needs require something else, your listing contract should try to have promoted your property in as many advertising media as possible, exposing it to more potential buyers. (For example, the private professional association list service, local newspapers, nationally run newspapers or the Internet.) A broker can work for both the buyer and the seller on the same property, provided that the broker obtains the agreement of both parties and provides each with a written opinion on the relationship. In this case, the broker is considered a “double agent disclosed.” This broker owes both the seller and the buyer the obligation to treat them fairly and honestly. In this type of agency relationship, the broker does not represent the seller or the buyer exclusively, and no party can expect the broker`s undivided loyalty. A duale agency unknown to a real estate agent is illegal. To obtain a licence, a candidate must satisfactorily complete the Real Estate Agents program approved by the Board of Directors and pass a written examination by the Board of Directors Review Service. Only licensed real estate agents and sellers can help you buy, sell, rent or exchange real estate. The license must be up-to-date and in “active” status. This support includes a number of services. B such as controlling real estate over basic valuations (not to be confused with the services of a licensed expert), negotiating sales, selling or leasing contracts, holding trust accounts and advertising. In many cases, complaints are filed by disgruntled consumers, but dissatisfaction alone is not evidence of incompetence or sufficient motivation to take disciplinary action.

When a real estate agent works as an intermediary, that broker assists the seller and buyer in obtaining an agreement, but does not represent the seller or buyer in the transaction. The intermediary and broker with whom the intermediary is bound must the seller and the buyer be obliged to present each property honestly and accurately by dividing known property defects and imposing accountability. Unless otherwise agreed, the intermediary is not required to keep confidential the information he receives from a seller or buyer. The intermediary`s role applies only to the seller and the buyer in the respective real estate transaction, in which the seller and buyer participate. If the seller and buyer expressly accept an agency relationship, an exclusive agency relationship can be changed either with the seller or with the buyer. The amount of the deposit, the reference date, the number of credit applications you will file and the main terms of such a loan (z.B. you are trying to obtain a fixed-rate loan not exceeding a certain percentage and a certain number of years). You can also get rid of the deposit clause agreement or a more favorable one for you than the buyer if the sale fails. Allow enough time in the purchase and sale contract to obtain financing. The purchase and sale agreement should also specify the number of “good faith” financing applications.

Repeated unsuccessful applications can be costly and time-consuming.