Buyer Agency in Sumter Real Estate

Posted By Kim PeasleyParker @ Dec 30th 2010 7:08am In: Buyer Information

Buyer Agency Buyer Agency is a term used to describe the relationship between a real estate purchaser and a real estate agent.  Every buyer is a customer until a Buyer Agency Agreement is signed.

As a customer, the buyer receives limited services limited to:
  • Present all offers in a timely manner
  • Account for money or other property received on your behalf
  • Provide an explanation of the scope of services to be provided
  • Be fair and honest and provide accurate information
  • Disclose any "adverse material facts" about the property of the transaction which are within the licensee's knowledge
As a buyer you have every right to remain a customer.  As a customer, a company or licensee is not required to keep your information confidential in negotiations or promote your best interests.
To become a buyer client, you must enter into a written agency agreement, called a Buyer Agency Agreement.  This agreement must be in writing and state the terms of the agreement and the obligation of the buyer and the company.
As a client, the buyer receives customer services listed above as well as the following client-level services:
  • Obedience
  • Loyalty
  • Disclosure
  • Confidentiality
  • Accounting
  • Reasonable Care and Skill
Types of Agency
There are three different types of agency in South Carolina. The type of agency influences the type of representation that a client receives.
Single Agency - the company represents only one client in the transaction.  Example:  They buyer is represented by AgentOwned and the listing is with another brokerage.
Dual Agency - the company represents both the seller and the buyer in the transaction.  Example: The buyer purchases a home listed by the company who they have representing them.
Disclosed Dual Agency - Dual Agency must be disclosed to both the buyer and the seller and a Dual Agency Agreement must be signed by all parties.  Disclosed Dual Agency results in limited representation duties due to conflicts of interest between the buyers and the sellers.
Designated Agency - Broker-in-charge will appoint agents to represent each client.  The broker-in-charge remains a disclosed dual agent.  A buyer or seller may also request this from a Broker-in-Charge.  Example: The agent has the buyer and seller in a transaction and the seller wants to be solely represented by the agent.  The Broker-in-Charge will then appoint a second agent to work with and represent the buyers.

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