Rhode Island law requires that early in any relationship, real estate brokers or salespersons discuss with consumers what type of representation or relationship they desire.
A real estate brokerage firm and its licensees can provide valuable real estate services to buyer/tenants and seller/landlords, whether in the form of basic customer services or at a higher level, by providing you with client representation. the services you can expect will depend upon the relationship thatyou select with the brokerage firm and one or more of its affiliated licensees.
To help you better understand representation so you can make an informed decision, I have included a brief explanation of the various types of representation I can provide to buyers and sellers through my brokerage firm RE/MAX Coast and Country.
Customer
YOU ARE NOW A CUSTOMER
Rhode island law requires all real estate licensees to perform certain basic duties when dealing with any buyer/tenant or seller/landlord. You can expect all real estate licensees to provide the following customer services:
Seller's Agent
A real estate agent who is contracted by and represents only the seller in a transaction is t serves as a contract between the seller and the agent, and spells out how the seller's agent will be paid. Responsibilities of seller's agent include marketing and negotiating strategies regarding price and terms for the seller, etc.
The seller's agent is expected to act honestly and in good faith and disclose to the buyer all facts, which materially affect the home. However, a seller's agent cannot divulge confidential information to the buyer that is not in the best interest of the seller, such as what price the seller will accept or offer an opinion of the home's value.
Buyer's Agent
A real estate agent who is contracted by and represents only the buyer in a real estate transaction is a "buyer's agent." The buyer/broker agreement between the buyer and the buyer's agent serves as a contract between them and typically spells out the agent's duties and how the agent will be paid. The buyer's agent is normally paid by the seller through a commission split with the listing agent or paid a sales commission by the buyer in rare situations.
In addition to helping the buyer with the house-hunting process, the responsibilities of a buyer's agent include showing property to the buyer, writing up the purchase agreement and negotiating strategies regarding price and terms for the buyer and offering an opinion on value.
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