Should I Sign a Buyers Agency Agreement?
The South Carolina Real Estate Commission has approved a brochure titled “Agency Relationships in Real Estate” which can be found here
We suggest that you read this before you start to interview real estate agents you are considering working with. It is important you understand who is working on your behalf and who represents the seller.
In this brochure it clearly states that “Unless or until you enter into a written agreement with the Company for agency representation, you are considered a “Customer” of the Company, and the Company will not act as your agent. As a Customer, you should not expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential.”
By signing a Buyers Agency Agreement with a licensed real estate agent, they will be bound to work on your behalf. This is very important during negotiations with the seller regarding price, terms and possible repairs needed. They also will be required to provide any information they have knowledge of regarding any property they show you.
Who pays their fee? In most cases, the seller of the property does. Why? Because if the property is listed with a real estate brokerage company for sale, the wording in most listing agreements that the seller signs allows for this. Talk with your agent for more details.
We strongly feel you need a real estate agent who is legally on your side as well as a mortgage professional who is on your side.
Remember, only a SC licensed Mortgage Broker will sign an agreement for financial services with you stating that they will act as your agent and will owe you a duty of the upmost care , honesty and loyalty, including full disclosure of all material facts.
Using a buyer’s agent to help you find your new home and First Nations to obtain a mortgage that’s right for you, will put a winning team on your side. Call today to learn more.