DOCSLIB.ORG

The Smart Home Buyer's Handbook

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Smart Home Buyer's Handbook The Smart Home Buyer’s COURTESY OF: Handbook FINDING AND NEGOTIATING THE PURCHASE OF YOUR DREAM HOME. Own your niche.™ Six Steps to a Successful Home Purchase CHOOSE A REALTOR® The only way to make sure you see the widest selection and get the best possible deal when you buy a home is to hire your own Exclusive Buyer Agent to represent you before you start shopping. Why do you need your own agent? Because the seller’s agent does not work for you—in fact, he or she works against you. By law, the real estate agent who lists a property for sale typically has an exclusive fiduciary duty to the seller. In fact, no matter how friendly and helpful the listing agent is, they must do everything possible to give the seller any advantage in the transaction. The listing agent’s job is to sell the home for as much money as possible, for the most seller-friendly terms that can be negotiated. It costs you nothing to hire your own Exclusive Buyer Agent. Typically, our fee is paid by the seller. So you get expert representation, usually at no out-of-pocket cost to you. ARRANGE FINANCING Pre-Qualification Before you start shopping for your next home, it’s a great idea to get “pre-qualified.” This informal process is offered as a free service by most mortgage lenders. You simply share a thumbnail sketch of your income, debts and assets, and the lender estimates how much they may be willing to lend you to buy a home. The good news is you can get pre-qualifiedin just a few minutes, and the lender doesn’t pull a credit report, so there’s no impact on your credit score. Being pre-qualified gives you a ballpark figure to shoot for when you’re shopping for houses. You’ll also know what your approximate monthly payment is going to be. The bad news is, because pre-qualification is non-binding, you can’t typically lock in an interest rate. And sellers may not think you’re a serious buyer until you take the next step: pre-approval. The Smart Home Buyers Handbook 1 Pre-Approval FIND YOUR HOME The single most important step in the home buying process—especially in a seller’s market—is getting This is where all your hard work starts to pay off and the fun begins. To help your Realtor help you, pre-approved for a mortgage loan. take the time to spell out exactly the kind of home you want to buy. Where is it located? How many bedrooms does it have? How many baths? What style is it? Do you want a finished basement? How The Consumer Finance Protection Bureau suggests that you assemble the following documents before about a swimming pool? How do you feel about HOAs? Be honest with yourself: which items are really starting the pre-approval process. (If you are self-employed or your income is irregular, you may need must-haves and which are like-to-haves? additional documentation). A Proof of your identity (typically a drivers’ license A Documentation of the source of your down Now that you have a specific list of must-haves, your Realtor will do their best to meet them, given your or non-driver ID) payment: investment or savings account budget and what’s currently on the market. She will generate lists of homes for you to consider, and set statements showing at least two months’ A Documentation of legal name change, if recent up private showings of your favorites on your behalf. history of ownership. If some of the funds were A Social security number a gift, get a signed statement from the giver You can also go to open houses on your own, but be sure not to share confidential information with A Pay stub(s) for the last 30 days stating that the funds were a gift. the Realtor hosting the open house. Remember, he works for the seller, and if you tell him how much A A W-2 forms, last two years Certificate of housing counseling or home you love the house, and how much you’re willing to pay, he is obligated to share those details with the buyer education, if you have one A Signed federal tax return, last two years seller. Your Realtor will typically give you a stack of business cards so you can give one to the agent A If you’re applying for a VA loan, get a copy hosting the open house to let him know you’re represented. A Documentation of any other sources of income of your Certificate of Eligibility from the VA. A Bank statements, two most recent MAKE YOUR OFFER The lender will pull a credit report to examine your credit score, payment history and debt-to-income Once you’ve found the home of your dreams—congratulations! Now it’s time to make your best offer. ratio, among other metrics. After a thorough examination of your finances, the lender will conditionally Your agent will advise you on an appropriate offer, based on recent comparable sales, how long the pre-approve you in writing for a specific loan amount, which often allows the borrower to lock in a house has been on the market, how motivated the sellers are, and other factors. If your first offer specific interest rate. is declined, your Realtor will handle all of the negotiations with the listing agent until you agree on a price and terms. If you can’t agree, or if you are outbid, your agent will help you find other homes This pre-approval gives you instant credibility with sellers, because when you make an offer, it won’t be to look at. contingent on obtaining financing. Thisis especially important when you’re competing against other buyers for the same home. If two offers are very similar, the seller’s Realtor will almost always advise them to take the offer with pre-approvedfinancing. GET INSPECTIONS Great! You have an accepted offer, and the houseis now under contract. Most contracts include Down Payment, Fees & Closing Costs an inspection contingency. A home inspection conducted by a qualified home inspector can help You’ll need some cash reserves to buy your home, so keep these line items in mind uncover hidden problems in the house that impact its value, habitability, and even its safety. when you start saving: Home Inspections typically cover the following systems: A Upfront Fees: Fees may include earnest money, A Closing Costs: When it comes time to close A A A option fee and appraisal cost, as well as fees for on your new home, there are a number of fees Plumbing Air Conditioning and Heating General Structure home inspections. owed to lenders and other third parties. These A Electrical A Foundation A Ventilation fees are to be paid in full at the time of closing A Down Payment: Many loans require and typically account for 2 to 5 percent of the a minimum down payment between 3.5 and You may need to hire specialty inspectors to check for issues such as wood-destroying insects, lead home purchase price. Your Realtor may be able 5 percent. However, the more you can put paint, mold and radon gas. to negotiate for the seller to pay some closing down, the better. You can avoid paying Private costs on your behalf, but it’s a good idea Mortgage Insurance (PMI) if you put at least If the inspection reports include expensive repairs or maintenance items, or safety issues such as mold to have extra funds available to cover them 20 percent down with some types of loans, and or radon, the inspection clause in your contract should allow you to renegotiate the deal with the seller. just in case. typically you’ll pay a lower interest rate if you You may ask the seller to reduce the selling price or fix the issues from the inspection reports before put at least 10 percent down. you’ll move forward to closing. However, in a seller’s market, there may be so many buyers competing for each house that the seller may choose to sell the house as-is. 2 Provided Courtesy of NicheZips The Smart Home Buyers Handbook 3 CLOSE THE DEAL Now that you’ve agreed on a price and terms, the title company takes over and completes the final parts of the transaction. They typically include: A Tax Check: Assessors are contacted A Document Preparation: Appropriate forms and to determine what taxes are owed on the paperwork are assembled for conveyance and property, if any. Your purchase contract settlement. should state who is responsible for paying any A Settlement: An escrow officer oversees the outstanding taxes. closing of the transaction. The seller signs the A Title Search: Title company representatives deed, you sign the mortgage note, the title search public records to examine the chain company cuts a check to pay off the old loan of title and verify that the seller is the current with the new loan, and all third parties acting and sole owner of the property, and has the on behalf of the buyer and seller are paid. legal right to sell it to you. Title insurance is issued to the buyer and the buyer’s lender. BUYING NEW CONSTRUCTION Newly constructed homes are springing up all over the the country. Many buyers don’t know that they can work with their own real estate agent when purchasing semi-custom or build-to-suit homes, as builders typically have an onsite agent that can execute the sale.
Load more

Recommended publications
  • Now Or in the Future BUYER ASSISTANCE PACKAGE Lee
    The Lee Jenkins Real Estate Specialists – (954) 540-8509 / [email protected] Go to www.LeeJenkinsRealEstateSpecilaists.com for the same information in this package plus additional information. Now Or In The Future Our Real Estate Philosophies, Principals, Commitments, Values, Beliefs Are Very Simple. It’s never about us. It’s Only & Always About You. The Details Will Show A Completely Free, No Obligation Consultation With Us Will Be Exceptionally Helpful For You. Please Review Our BUYER ASSISTANCE PACKAGE Whenever it’s the best time for you, we welcome the opportunity of providing all our professional services and expert advice. Lee Jenkins Real Estate Specialists Direct or Text: 954-540-8509 [email protected] www.LeeJenkinsRealEstateSpecialists.com And our 40+ Member Service Specialists RE/MAX PowerPro Realty The Lee Jenkins Real Estate Specialists – (954) 540-8509 / [email protected] Go to www.LeeJenkinsRealEstateSpecilaists.com for the same information in this package plus additional information. Homeowner Package Table of Contents Pages 3, 4 – Introduction and Client Help Philosophy Page 5 – Homes For Hero’s Program Pages 6 - 9 17 Ways We Help Our Clients w Home Searching/Buying/Renting Process Preferred Buyer Property Finder Service Buyers In Waiting Program Dream Home Finder Program to Your Preferred Community The Process from First Contact to Celebration Date Preferred Buyer/Renter - Property Hunting Guide Pages 10 to 19 – Testimonials includes: What a Standing Ovation Looks Like in Paper Page 20 - References to Call Pages 21
    [Show full text]
  • Consumer Advocates Warn Homebuyers About 'Disruptive' Real Estate Business Models
    Source : National Association of Exclusive Buyer Agents 07 août 2019 17h53 HE Consumer Advocates Warn Homebuyers About 'Disruptive' Real Estate Business Models Phoenix, AZ, Aug. 07, 2019 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE Media Contact: Linda Surovick, Executive Director, National Association of Exclusive Buyer Agents (NAEBA) [email protected] 888-623-2299 Consumer Advocates Warn Homebuyers About ‘Disruptive’ Real Estate Business Models PHOENIX, AZ, August 7, 2019 —The National Association of Exclusive Buyer Agents (NAEBA) is warning home-buying consumers about new business models that may be good for some companies’ bottom line but can be a big mistake for first-time homebuyers and those new to a market. One such model is “Redfin Direct” where buyers can buy Redfin listings without an agent assisting the buyer during the real estate transaction. By foregoing buyer representation, consumers are risking serious financial harm by attempting to negotiate directly with experienced agents who have historically worked for sellers. Buying a home is an adversarial process, regardless of how friendly everyone may seem. The seller’s agent is required by law to try to get the best price and terms for the seller, and their commission structure rewards them to that end. “As we have experienced, in nearly 30 years of representing home buyers exclusively, many buyers do not know what they don’t know. The difference is, do you want to be SOLD a home or walk away from the table with a home you BOUGHT? The subtle difference in words is the difference between sales (working with you as a customer) and advocacy (working for you as a client).
    [Show full text]
  • Real Estate Agents Will Lose Value As Digital Peer-To-Peer Exchange Platforms Couple Exponentially with Technological Advancements by Cusumano, L
    Real Estate Agents Will Lose Value as Digital Peer-to-Peer Exchange Platforms Couple Exponentially with Technological Advancements by Cusumano, L. A Thesis Submitted to REALTOR® University In Partial Fulfillment for the Degree of Master of Real Estate Professor, Dr. Sullivan April 24, 2017 Abstract As technology collides with disruptive innovation, residential buyers and sellers will no longer want or need some or all services offered by a traditional real estate brokerage. Consumers are frequently becoming self-serving as they can now find a vast amount of housing information and apps through their mobile devices. Today’s consumers are more cognizant of the fact that many brokerages throughout the US are now limiting their liabilities to protect their own company and maximize their profits through earning both sides of the commission thus eliminating undivided loyalty, protection, and full representation to the consumer. Furthermore, tech savvy buyers and sellers have watched numerous home programs and videos, have easy access to MLS and many other real estate websites, and will continually seek out money saving solutions while buying and selling their home. Like Uber and Airbnb, digital peer to peer exchange platforms coupled with built in algorithms and artificial intelligence will gain allegiance among future home buyers and sellers, thus creating new real estate models and fewer agents in the industry. Keywords: algorithms, artificial intelligence, augmented reality, autonomous vehicles, buyer agent, designated agency, drones, dual agency, exclusive buyer agent, facilitator, FSBO, for sale by owner, listing agent, peer-to-peer, transaction brokerage, single agent, Uber, virtual reality, wearable technology. i Table of Contents Abstract.
    [Show full text]
  • Tomorrow's Technology
    APRIL 2013 The Official Monthly Publication of the Sarasota Association of Realtors® Tomorrow’s Technology Page 6 MFRMLS DUES SAR Opening New Headquarters On April 22nd! See Page 5 See Page 14 DEADLINE MAY 15 DRH West of Trail for SAR.pdf 1 3/6/2013 4:40:51 PM THE LIFESTYLE YOU DESERVE. THE QUALITY YOU DESIRE. D.R. Horton Homes Now Building West of the Trail! Dunwoody Trail Kitchen It’s time for a fresh start in a place that has everything your clients want, right where they want to be. And with world-class amenities, custom designer options and quality, built solid block wall construction, at DiVosta yourC clients will discover everything they’ve been waiting for. M Y Oering Brand New Homes and Amazing Value CM Schedule a visit and register your clients today. MY West of the Trail from the $500s*... CY CMY K Grove Street Conveniently located to the area’s best beaches, downtown Sarasota, Bougainvillea Street shopping and A-rated Schools! The Isles on Palmer Ranch IslandWalk at the West Villages SARASOTA NORTH PORT For More Details, Visit the Barcelona Model Siesta Drive From the mid $200s | 1,542 – 2,488 sq. ft. From the high $100s | 1,392 – 2,488 sq. ft. 1718 Kenilworth Street, Sarasota, 34231 3 Decorated models open daily! 5 Decorated models open daily! Beaches New floor plans now available! 2-3 bedrooms, 2-3 baths Call 941-444-7056 Jasmine Drive 3 bedrooms, 2-3 baths Resort Center with lagoon and lap pools, tennis Visit DRHorton.com/Sarasota US-41 courts, bocce ball, activity and craft rooms, fitness Kenilworth Street Village Center with heated lagoon pool, fitness center, Model Center tennis, bocce ball, activity rooms and more center, library and more 1907 Burgos Drive | Sarasota, FL 34238 13575 Salinas Street | Venice, FL 34293 Worrington Street e Nation’s #1 Builder for 10 Years in a Row** 866-210-3134 | divosta.com CGC1513647 *Home and community information, including pricing, included features, terms, availability and amenities are subject to change and prior sale at any time without notice or obligation.
    [Show full text]
  • Foreclosures at Rock-Bottom Prices
    The Beatty McGovern Team of Keller Williams Realty Page 1 of 4 License or reprint this article Foreclosures at Rock-Bottom Prices Opportunity knocks for buyers who aren't put off by legal squabbling and potential delays. By Pat Mertz Esswein From Kiplinger's Personal Finance magazine, February 2011 When we wrote about Kerry Deland in the Bank Foreclosure Listings RealtyStore.com/Bank-Foreclosures January issue, she was stuck in limbo by Bank Foreclosures Sell At Up To 50% Off! Sign "foreclosure-gate" (see When Home Prices Will Up & Search For Only $1. Head Up ). Last August, Deland, of St. Cloud, Recommended Download www.PCTools.com Fla., finally nabbed her dream home -- a bank- owned foreclosure with three bedrooms, two Free Registry Scan, Fix Errors & Improve Performance - 5 Star Rated baths and five acres of land for her horse -- for an easy-to-take $111,900. But her closing was First Time Home Loans HomeFinanceofAmerica.com delayed in October after the seller, Fannie Mae, Get Discounts and Quick Approvals Good temporarily put all of its foreclosure properties Credit Only. Apply Online Now! on hold. See Foreclosure Listings ForeclosedRealEstate.Reply.com Deland patiently waited out the scare. By late View All Foreclosed Real Estate. Get Low November, as all 50 state attorneys general Prices on Foreclosed Homes. continued their investigation of so-called robo- signers and the process used to repossess many homes, Fannie Mae -- as well as Freddie Mac, Ally Financial, Bank of America and JPMorgan Chase -- lifted the freeze. Deland's contract was extended to December 30, and she lined up an appraisal, a home inspection and homeowners insurance.
    [Show full text]
  • Non-Exclusive Buyer Agency Agreement (Form 203)
    NON-EXCLUSIVE BUYER AGENCY AGREEMENT This NON-EXCLUSIVE BUYER AGENCY AGREEMENT (“Agreement”) is entered into (Date) ___________________________, between___________________________________________________________________________________as Buyer(s) (“Buyer”), and_________________________________________________________________________________________________ (“Firm”). The individual agent who signs this Agreement shall, on behalf of the Firm, be primarily responsible for ensuring that the Firm’s duties hereunder are fulfilled; however, it is understood and agreed that other agents of the Firm may be assigned to fulfill such duties if deemed appropriate by the Firm. For purposes of this Agreement, the term “Firm,” as the context may require, shall be deemed to include the individual agent who signs this Agreement and any other agents of the Firm. The purpose of this form is to properly establish a written buyer agency relationship. The various forms of agency relationships are discussed in the “Working with Real Estate Agents” brochure, a copy of which Buyer has received and reviewed with the agent. Buyer’s execution of this form confirms that Buyer has read and understands the contents of that brochure, and is making a decision to request buyer agency for the period of time set forth below. Buyer represents that, as of the commencement date of this Agreement, Buyer is not a party to an exclusive buyer representation agreement with any other real estate firm. 1. PROPERTY. Firm agrees to act as a non-exclusive buyer’s agent representing Buyer in the acquisition of real property by [Check all that apply]: locating suitable real estate showing the following specific property__________________________________ ____________________________________________________________________________________________________________ 2. DURATION OF AGENCY. Firm's authority as Buyer's non-exclusive agent shall begin ____________________________, and shall expire at midnight, ________________________________________________.
    [Show full text]
  • 2014 Jacksonville Five Star Home Professionals
    SPECIAL ADVERTISING SECTION Professional 2014 Five Star Home Professionals Professional2014 Jacksonville Star Five Star Home ProfessionalProfessionals StarReal Estate Mortgage Home/Auto Five Agents ProfessionalsProfessionalInsurance Professionals Five Star Professional partnered with Jacksonville Professionals who satisfied each of the following StarMagazine to identify real estate, mortgage and insurance objective criteria were named a 2014 Jacksonville Five professionals in the Jacksonville area who deliver Star Real Estate Agent, Five Star Mortgage Professional © outstanding service and client satisfaction. The Five Star or Five Star Home/Auto Insurance Professional: Professional research team contacted thousands of recent Professional Five 1. Received a qualifying client satisfaction rating. homebuyers, as well as other consumers. Clients may also submit evaluations online. Phone, mail and online 2. Satisfied the applicable state licensing requirements. respondents ratedStar their service professional on criteria 3. Actively employed as a licensed professional for a such as overall satisfaction and whether they would minimum of three years. recommend the provider to a friend. The research 4. Favorable regulatory and complaint history review. © methodology allows no more than 7 percent of Professional Five 5. Satisfied minimum client volume or production on a professionals in each category to receive the award. This year’s winners are listed and profiled in the following one-year and three-year basis (number and volume of pages (see each award winner’s listingStar for more details). transactions or number of client households served). © Five • The 2014 Five Star Real Estate Agents,Professional Mortgage Professionals and Home/Auto Insurance Professionals do not pay a fee Research to be included in the research or the final list.
    [Show full text]
  • Settlement Costs Booklet
    Table of Contents I. Introduction Purchasing Time-line II. Before You Buy Are You Ready to be a Homeowner? III. Determining What You Can Afford IV. Shopping for a House Role of the Real Estate Broker Selecting an Attorney Terms of the Sales Agreement Affiliated Businesses Builder V. Shopping for a Loan Loan Originator Types of Loans and Programs VI. Good Faith Estimate (GFE) Page 1 Page 2 Page 3 VII. Shopping for Other Settlement Services VIII. Your Settlement and HUD-1 Page 1 Page 2 Page 3 IX. Your Loan after Settlement X. Home Equity and Refinances XI. Appendix XII. Glossary of Terms Types of Mortgage Products XIII. HUD-1 Settlement Statement 2 I. Introduction The Real Estate Settlement Procedures Act (RESPA) requires lenders and mortgage brokers to give you this booklet within three days of applying for a mortgage loan. RESPA is a federal law that helps protect consumers from unfair practices by settlement service providers during the home-buying and loan process. Buying a home is an important financial decision that should be considered carefully. This booklet will help you become familiar with the various stages of the home-buying process, including deciding whether you are ready to buy a home, and providing factors to consider in determining how much you can afford to spend. You will learn about the sales agreement, how to use a Good Faith Estimate to shop for the best loan for you, required settlement services to close your loan, and the HUD-1 Settlement Statement that you will receive at closing. This booklet will help you become familiar with how interest rates, points, balloon payments, and prepayment penalties can affect your monthly mortgage payments.
    [Show full text]
  • Flat-Fee MLS Listing
    Flat-Fee MLS Listing Get started today! GET THE POWER OF THE MLS ! Call/text 502-500-0227 List your home on the MLS for a flat fee of $349 or email [email protected] Over 88% of homes are sold through the MLS The Multiple Listing Service reaches most ALL buyers Save THOUSAND$ in Commission % Eliminate or reduce the commission by managing your own listing Retain the right to sell "By Owner" If you sell it yourself (buyer has no agent), you pay no commission Quick access to a LOCAL, EXPERIENCED broker If a question or problem comes up, I am here for you Our Flat-Fee MLS Listing Package includes: • Home Listed on the MLS Within 24 Hours of Document Receipt • Internet Listings on Realtor.com, Google, Trulia, Zillow, and hundreds of other local & national real estate sites • Yard Sign to display your phone number • Multiple Pictures online (up to 35) • List as Long as You Like for up to 12 months • All Paperwork including Sales Contracts Available • Offer & Negotiation Consultation • Satisfaction Guarantee - Cancel Anytime no additional charge • No Hidden Fees. Additional optional services are available. • Comparable Market Analysis - estimate of the current market value (by request only, additional charge may apply) >> NOW AVAILABLE - Order and pay on-line << Credit Cards Accepted! Visit MLSCORealty.com/flat-fee-mls-listing/ Other Listing Services: If you decide this "limited service" plan isn't for you, you can easiliy convert to a "full service" listing. We have plans available starting at a 4% TOTAL commission. MLSCO Realty Exclusive Buyer's Agent Program: Need to buy a house too? Ask us about our special savings programs for clients using our listing services! 502-500-0227 MLSCORealty.com or LouisvilleHomeSearch.com If your home is listed with a broker, please disregard this offer.
    [Show full text]
  • Buyers Rebate Agreement
    New Jersey Office: (Mailing Address) 1110 Hamilton Blvd, Suite 2A, South Plainfield, NJ 07080 New York Office: 1745 Broadway, 17 th Floor, New York, NY 10023 Tel: 732-727-2285, Fax: 732-719-1921 Email: [email protected] EXCLUSIVE BUYER AGENCY AGREEMENT WITH REBATE PROVISION 1. AGENCY: Buyer(s) r eferred to in this Agreement as “Buyer” here by designate REALMART REALTY LLC As Buyer’s exclusive agent, referred to in this agreement as “Buyers Agent”, for purpose of searching for, locating, and purchasing real estate by Buyer pursuant to all of the terms and conditions set forth below. 2. EXCLUSIVITY : BUYERS CERTIFY THAT THEY DO NOT HAVE ANY BUSINESS RELATIONSHIP WITH ANOTHER AGENCY AND/OR BROKER. Buyer acknowledges that this Agency Agreement with Buyer’s Agent is exclusive. Buyer agrees NOT to enter into any agency relationship with another brokerage firm during the term of this Agreement. Buyer represents to Buyer’s Agent that they are not presently a party to an existing agency contract with another brokerage firm. In the event that Buyer did sign an agency contract with another brokerage firm, Buyer warrants they have already terminated, in writing, all other agency relationships that were in effect. Buyer agrees not to be solicited by other brokerage firms and will make known to other agents that Realmart Realty is their exclusive Buyer’s Agent. Furthermore, Buyer warrants that they will not request Buyer’s Agent to show them a property that Buyer has previously viewed with another licensed real estate agent. In the event that Buyer fails to disclose to Buyer’s Agent that they have previously viewed the same property with another licensed real estate agent, Buyer agrees to be liable to Buyer’s Agent as set forth in Paragraph 3.
    [Show full text]
  • VPAR Agent Feud Handout
    AGENT FEUD HANDOUTS LIS > Code of Virginia > 54.1-2130 10/27/08 11:05 AM prev | next § 54.1-2130. Definitions. As used in this article: "Agency" means every relationship in which a real estate licensee acts for or represents a person by such person's express authority in a real estate transaction, unless a different legal relationship is intended and is agreed to as part of the brokerage relationship. Agency includes representation of a client as a standard agent or a limited service agent. Nothing in this article shall prohibit a licensee and a client from agreeing in writing to a brokerage relationship under which the licensee acts as an independent contractor or which imposes on a licensee obligations in addition to those provided in this article. If a licensee agrees to additional obligations, however, the licensee shall be responsible for the additional obligations agreed to with the client in the brokerage agreement. A real estate licensee who enters into a brokerage relationship based upon a written brokerage agreement that specifically states that the real estate licensee is acting as an independent contractor and not as an agent shall have the obligations agreed to by the parties in the brokerage agreement, and such real estate licensee and its employees shall have no obligations under §§ 54.1-2131 through 54.1-2135 of this article. "Brokerage agreement" means the agreement by which a real estate licensee represents a client in a brokerage relationship. "Brokerage relationship" means the contractual relationship between a client and a real estate licensee who has been engaged by such client for the purpose of procuring a seller, buyer, option, tenant, or landlord ready, able, and willing to sell, buy, option, exchange or rent real estate on behalf of a client.
    [Show full text]
  • Real Estate Agents and Agency Disclosure Law
    Real Estate Agents and Agency Disclosure Law ~ IMPORTANT AGENCY DISCLOSURE INFORMATION ~ Relatively new changes in both North and South Carolina real estate law require that I inform you of your options in choosing what type of agency relationship we will employ when I work with you. IN NORTH AND SOUTH CAROLINA, real estate brokers and their salespersons are required to disclose the type of working relationship they will have with the buyers and sellers in any real estate transaction. There are several types of relationships that are available to you. Buyer´s Agent and Seller´s Agent relationships are commonly referred to as "agency" relationships and carry with them legal duties and responsibilities for the broker as well as for the buyer and seller. A Buyer's Agent acts solely on behalf of the buyer and owes fiduciary duties and responsibilities to the buyer which include the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of, and act as an advocate for the buyer. A separate written buyer´s agreement is required which sets forth the duties and obligations of the parties. A SELLER´S AGENT (Listing Agent) acts solely on behalf of the seller and owes duties to the seller which include the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of, and act as an advocate for the seller. A separate written listing agreement is required which sets forth the duties and obligations of the parties. DUAL AGENCY relationships occur when you become interested in a property listed with your buyer´s agent or the agent´s firm.
    [Show full text]