|
About Agency
|
Agency: What Does It Mean to Me as a Homebuyer or Seller?
As a homebuyer or seller, you share with your Prudential Jack White Real Estate agent a common goal-to buy or sell property. Prudential Jack White Real Estate agents are professionally trained to accomplish that goal. Simply put, agents are matchmakers bringing buyers and sellers together.
Real estate agents, brokers, and sales associates are required by Alaska Statute 08.88.396 to disclose their agency relationship.
Today’s real estate market has introduced new ways for real estate agents to work with buyers and sellers. Now consumers have choices. If you want to sell a home, you can engage a real estate agent who is a “seller’s agent.” If you want to buy a home, you can work with an agent who works as a “buyer’s agent.” To help you understand your choices and their implications, this is a brief brochure that may answer many basic questions. Be sure you understand and are comfortable with the options involved when you engage the services of a Prudential Jack White Real Estate agent.
Remember, the goal of Prudential Jack White Real Estate agents is the same as yours-to help bring about the sale or purchase of a property. Expect to be treated with honesty, regardless of agency relationship. Together, buyer, seller and your Prudential Jack White Real Estate agent will get the job done!
AGENCY DISCLOSURE: In Alaska, real estate brokers and their sales persons, when working with a buyer or seller, must disclose the relationship and make sure each party understands that relationship. Each relationship must be confirmed by signatures from all parties involved. If a relationship changes, all parties must also confirm that change in writing.
There are three kinds of relationships under the Alaska Statues. Prudential Jack White Real Estate has the ability to represent parties in each of these three types of relationships.
AGENT OF THE SELLER: A seller’s agent works only for the seller. The agent has fiduciary duties and responsibilities of reasonable care, undivided loyalty, confidentiality, full disclosure, accountability, and obedience to the seller.
AGENT OF THE BUYER: A buyer’s agent works only for the buyer. The agent has fiduciary duties and responsibilities of reasonable care, undivided loyalty, confidentiality, full disclosure, accountability, and obedience to the buyer.
CONSENSUAL DUAL AGENCY: An agent or agency may represent both buyer and seller in a transaction.
Example:
You are working with a Prudential Jack White Real Estate agent and have signed the form recognizing buyer’s agency. Another agent at Jack White Real Estate is listing the property you wish to make an offer on. In order to adequately represent all parties, we would want to recognize Consensual Dual Agency. At that point, both buyer and seller would sign a new form, agreeing to dual agency.
In a Consensual Dual Agency:
1. As required by law, agents must disclose material terms specified in the Residential Real Property Disclosure Form, and other matters, such as known material defects of the property.
2. Agents may not, without the prior consent of the seller, disclose to the buyer that the seller may accept less than the listing price; nor may agents, without the consent of the buyer, disclose to the seller that the buyer may be willing to pay a higher price or accept less favorable terms that indicates in the buyer’s initial offer.
COMPENSATION: Each agent may be paid by the person the agent represents; or the commission generated by the sale at closing may be shared by the agents. Most sellers choose to work with a broker who splits the commission with a buyer’s agent even though the buyer's agent does not represent the seller’s interest. All compensation agreements must be disclosed to the buyer and the seller.
REAL ESTATE AGENTS work with a number of buyers. It is possible that an agent may have several buyers for a particular property. The agent reserves the right to show a property to more than one buyer.
If you still have questions after reading this brochure and discussing it with your real estate agent, you should consult an attorney for advice before entering into an agency relationship.
(Information is not guaranteed and should be independently verified for accuracy)
|
|
