World Properties Realty Company offers
Buyer's Broker and Selling Brokerage services.
Transaction brokerage describes a brokerage
arrangement whereby the real estate licensee assists one or more
parties in a contemplated real estate transaction, without being
the agent, fiduciary, or advocate of any party to the
transaction. This means that real estate brokers and
salespeople are acting as intermediaries between buyers and
sellers. With this type of brokerage arrangement, home
buyers and sellers are customers and not clients of the licensees
with whom they are working. The basic function of the
licensee is to bring buyers and sellers together so that a real
estate sale can be completed. Sellers will employ the
licensee to help market their real estate by identifying qualified
buyers and showing their properties to prospective
purchasers. This will usually also involve advertising
properties for sale in newspapers and other media. Sellers
will commonly also rely on the expertise, experience, and advice
of the real estate licensee to help make their property ready for
sale and determine an appropriate asking price. Buyers, in
turn, rely on the services of brokers to find and show them
suitable real estate that they can afford and have the desired
characteristics. Real Estate professionals may also help
consumers obtain mortgage financing as well as assist them with
finalizing the real estate sale and recording the deed and other
documents associated with the sale.
Transaction brokerage arrangements are usually best suited for consumers who are primarily interested in the marketing services and expertise that can be provided by real estate professionals, but who do not need an agent to represent them in the negotiations for the sale or purchase of real estate. With a transaction brokerage agreement, the licensee must provide brokerage services to all parties honestly and in good faith and avoid showing favoritism to either buyer or seller. Alabama law also requires all licensees exercise reasonable care and skill when providing brokerage services, answer all questions completely and accurately, and present all written purchase offers to sellers promptly and in a truthful manner.
Licensees must also keep confidential any information given to them in confidence, unless disclosure of this information is required by law. For sellers, this means that licensees must answer a buyer's questions about the condition of the property completely and honestly. In addition, the buyer must be told about any hidden defects known to the licensee that could affect the health or safety of occupants.
A single agency arrangement describes a relationship
whereby the real estate licensee represents only one party in a
real estate sales transaction. In the case of a single
agency brokerage arrangement, the real estate licensee represents
either the buyer or the seller, but not both parties to the real
estate transaction. This type of brokerage arrangement is
the most appropriate for consumers who need the advice and
negotiating skills of real estate professionals in addition to
their marketing services. If a seller enters into a
single agency agreement with a real estate broker, the broker is
referred to as a Seller's
agent (a.k.a. the Listing Agency). Under this
arrangement the broker must represent only the seller in the
negotiations with buyers. Here the broker will seek the
highest possible price and best possible sale terms for the
seller. This type of brokerage arrangement can involve the
use of subagents, especially in situation where properties are
marketed through a multiple listing service.
The Listing Agency sometimes allows other agencies to act as Subagents which are thus empowered to act for the Listing Agnecy in performing real estate services. The subagent woes the same duties to the broker's client as the broker. If a broker is an agent of the seller, then the subagent is also the seller's agent. When examining properties advertised through a multiple listing service it is important for buyers to determine whether the licensee that is showing them properties is acting in the capacity of a transaction broker, seller's agent, or as a subagent of the seller.
Buyers should exercise care with respect to the information they reveal to licensees working as seller agents. For example, if you are the customer it would not be wise to tell a licensee the maximum price you would be willing to pay for a particular property when considering making a formal purchase offer. If you are the customer, the broker's primary responsibility is to the seller. In this case, the licensee, as the seller's agent, must convey such information to the seller.
A Buyer's agent describes a real estate licensee who is employed by and represents only the buyer in a real estate transaction. This relationship is created by a written contract. This contract should clearly state the service the agent will perform for the buyer as well as specify how the licensee is paid for services rendered in connection with the real estate sale. In this case, the buyer is the client or principal and the real estate broker is the agent of and represent the buyer in dealing with sellers.
This type of real estate brokerage agreement should be used when the buyer needs guidance and representation when negotiating with sellers to purchase real estate. Buyers moving to a new location and are unfamiliar with local market conditions would be those consumers most likely to benefit from this type of agency arrangement. It is becoming increasingly common in multiple listing situations for the selling broker (a licensee working with and showing properties to the buyer) to be the agent of the buyer and the listing broker to represent the owner seller. Here, both the buyer and seller, working through their respective agents, could negotiate at arm's length with the benefit of professional help.
If you would like to obtain more information about any of these or find out specifically how we may help you in the best way possible, please feel free to give us a call at 879-9287 or email us .
Return to WP Home Page, Homes for Sale , Commercial Properties , Land for Sale , About Us
Copyright © 1997-2020 World Properties Realty Company. All rights reserved.