Buyer Agency in Sumter Real Estate

Dec 30th 2010

Posted By: Kim PeasleyParker @ 7:08am In: Buyer Information
Tags: buyer agency, sumter home, sumter real estate

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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