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.
Disclosed Dual Agent
A real estate agent who is representing both the buyer and seller with the knowledge and written consent of both is a "disclosed dual agent."
Dual agency occurs when a buyer working with a buyer's agent wants to purchase an in-company listing; that is, a home listed by the company of the buyer's agent. All agents in the company are automatically agents of the seller by virtue of their association with the listing agent's company. Even though the buyer and seller are working with different associates from the company, the real estate company and both associates have a dual agency relationship with both buyer and seller.
The broker and associates may not share, without permission, any confidential information that would represent the interests of either party to the detriment of the other. Confidential information includes such things as what price a seller would accept or how much a buyer is willing to pay. When a dual agency relationship occurs, the buyer and seller must agree to modify the agency relationship. Though the relationships have changed, the basic goals haven't; the seller wants to sell, the buyer wants to buy, and the agents want to help close the transaction.
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