I will explain more about each agency`s relationship, but first of all, it is important to focus on this disclosure on the obligation to retain. It is the legal obligation to act in the best interests of the client by his representative. Both the buyer`s and the seller`s representatives must comply with this obligation to their respective customers in accordance with this disclosure. After disclosure, the buyer`s representative, also known as the seller (a little confused, I know), must act in the best interest of the buyer. Although the buyer`s representative`s compensation may come from the seller, they are nevertheless bound by their fiduciary duty to the buyer and must act in agreement to help them obtain the lowest price and the best terms. In addition, they must verify all disclosures, reports, inspections and other documents to determine whether the purchase of the home at the agreed price is in the best interests of the buyer. Levine Homes Real Estate strives to help South Bay buyers and sellers manage easily and in the direction of the real estate market, which is why we take these disclosure documents and our duty to our clients very seriously. As a local owner, I advise you to familiarize yourself with this form and to think that it is not a contract, it is just a disclosure. The purpose of the Agency`s disclosure form is to protect the client. After the signing, there is no contractual obligation to cooperate exclusively with this agent, but this document ensures that anyone who hires a real estate agent understands the extent of his relationship dynamics. After reading this form, you should understand what types of real estate agents are looking for your best interests and what types of real estate agents cannot legally do so. This form lists the three types of agencies: sellers should receive the listing agent`s disclosure documents before signing the listing agreement, with sufficient time to read and verify them. And while buyers should also give this form to their clients before representing them in a real estate transaction, buyers should ideally get this disclosure, check and sign before a broker even starts showing them homes.
In this way, the buyer is fully aware of his agent`s responsibilities so that he can bring him to justice. After this disclosure, the seller`s representative, also known as Listing Agent, must act in the best interests of the seller. This means that they are loyal to the seller and have to work diligently to find the best price and conditions for them. However, the seller`s representative also has certain obligations to fulfill with both the buyer and the seller. That is, a selling agent must act with fairness and honesty with reasonable skill and care. In addition, they are required to disclose all essential facts that influence the value or lust of the property. Facts considered essential are left to the discretion of the purchaser, i.e. if in doubt. And while this disclosure obligation exists, the seller`s representative is not required to act in trust with the buyer on how to help them understand information, or to disclose intangible information that could help the buyer negotiate. Buying a home is an exciting time, but without the proper help, it can also be a stressful and scary time. This is usually where real estate agents come in to help.
With many qualified agents in South Bay, it can be easy to choose a good one, but knowing how they work for you is as important as finding the right agent. In real estate practice, a broker`s fiduciary duties are clearly defined as they represent the full interests of his client.