Agency explained

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TransDomo,LLC
Flavia & Klaus Westerwelle
Real Estate Consulting
Agent Referral Center
155 Augusta National Ct
Kiawah Island, South Carolina 29455
U.S.A.

Direct: 864.908.0690
Email: »Email

Languages: English, German

Flavia & Klaus Westerwelle are licensed Real Estate Agents in South Carolina

Please give us a call or send an »Email when you are thinking about buying or selling real estate.

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Explanation of Agency

The following explanations are regarding the real estate license law in South Carolina.
The regulations may differ in other states of the U.S. according to their local licensing laws.

Are You a Customer or a Client

Who is a customer ?

Who is a client ?

Who is an agent ?

Who pays and receives the commission ?

What is a dual agent ?

Do you want to be a customer or a client ?

Are You a Customer or a Client?

When you choose to work with a real estate licensee, he or she may or may not be your agent. An agent owes certain duties to a client but has a different obligation to a customer. You must know whether you are a customer or a client in a real estate transaction, and it is your decision as to how you will work with the licensee.
In order to make an informed decision, you should discuss the following information with any agent you are thinking about working with.

Who is a customer ?

A customer is a person who seeks to buy or sell real estate, but who has NOT established an agency relationship with a licensee and is therefore NOT represented by an agent. A customer can expect the salesperson to provide market information and services to assist the customer, but cannot expect the salesperson to act as an agent or to negotiate the best price in a purchase. A real estate licensee is also obligated by law to treat customers honestly, to disclose known material facts about the property, and to promptly present all offers and counteroffers to the seller.
As a buyer, you may decide you don't need your own agent. The seller's agent may be able to provide you with all the information you require to buy real property, but if you are a customer, the licensee's primary loyalty is not to you. By law, it is to his or her client. The agent must convey all known information to his or her client, such as your urgency to move or your willingness to increase your offer. He is obligated by law to act in the best interest of his clients.

Who is a client ?

A client is a person who establishes an agency relationship with and agrees to be represented by an agent in a real estate transaction. A seller becomes a client of a real estate company by signing a listing agreement with one of the company's licensees. This agreement must be in writing and must clearly establish the obligations of both the buyer and the agent.
A buyer becomes a client of a real estate company by signing a formal buyer agency agreement with a licensee associated with a brokerage. Prior to any transaction such an arrangement must be in writing and must clearly establish the obligations of both the buyer and the agent.

Who is an agent ?

An agent is the licensee who, at your direction, will act for and represents you, above all others in a real estate transaction. In South Carolina, once an agency relationship is created, the broker-in-charge of the company is considered to be the agent of the client, and all licensees within the company become sub-agents of the broker-in-charge representing the same client.
Acting on your behalf as a client, your agent in a real estate transaction will negotiate the best price and terms for you. An agent owes utmost loyalty to you, the client, and must convey to you any information he or she knows that might influence your decision to buy or sell.

Who pays and receives the commission ?

When the property owner has his house listed with an agent this home owner becomes the client of the listing agent and agrees to pay a certain percentage of commission to his listing agent. This commission usually stays the same regardless if a buyer works without an agent, works with an agent but stays a customer, or works with an agent but becomes a client of the buyers agent. In the first two cases the listing agent will receive the entire commission, because neither the buyers nor the buyers agent do have a contract with the seller or listing agent. In the third case, when the buyer is a client and has an agreement with his own agent, this buyers agent receives a commission split from the listing agents commission, because there are MLS agreements in place which governs these listing and buyer agreements. In general, only the seller pays the listing agent a commission and he in return shares his commission only with a buyers agent who has a buyers agreement with his client.

What is a dual agent ?

In certain circumstances an agent may represent the buyer and the seller in the same transaction, provided each has consented in writing prior to the transaction. This arrangement is called dual agency since one agent represents both parties and both remain clients of the company.
Working with a dual agent is not the same as having your own agent. For instance, when representing both a buyer and a seller, the dual agent must not disclose confidential information to one party obtained from the other party. Also, a dual agent may not be the advocate for either party and cannot negotiate for nor advise either as to price or terms.
It is important that you discuss this with the licensee in order to understand the limits of services that a dual agent can provide and to determine whether you want to modify a relationship that you may have established.

Do you want to be a customer or a client ?

Do you want to receive services (customer) or be represented (client)? To understand your options, discuss this with the real estate licensee with whom you are working. It is your choice and you need to decide whether you will work with an agent or be self-represented. At your discretion, it may be advisable for you to obtain legal or other professional advice in connection with a transaction.

To see the actual text of the Acknowledgement of Agency Disclosure that is used by all real estate agents in South Carolina, please click here : --> Download and read the Agency Disclosure Page here <--

The following explanations are regarding the real estate license law in South Carolina.
The regulations may differ in other states of the U.S. according to their local licensing laws.

Copyright © 2005-2010 Flavia Westerwelle / All Rights Reserved
Content on the site is for personal use only and cannot be modified, copied, reproduced, translated, republished, uploaded, posted, transmitted or distributed in any way for non-personal use.
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Important to know !

Did you know, that in South Carolina :
- the agent who lists a property does represent the sellers interests only
- you are entitled to work with you own real estate agent who solely represents your interests
- without having a contract with a real estate agent, your own interests are not represented
- a buyers agent does not receive his commission from the purchaser (with few exceptions)
- we can show you every property that is on the market in Greenville / Spartanburg / Anderson
»Please, find out more about agency in South Carolina on our »website
or give us a call at: 864.908.0690

The all explanations on this page are regarding the real estate license law in South Carolina.
The regulations may differ in other states of the U.S. according to their local licensing laws.