CRS -- Why?
  Agency Relationships 

Generally, an "agent" is someone who represents the interests of one person in dealing with others. An agency relationship in real estate is an arrangement between you, your real estate company and your agent to assist you in buying or selling a home.

In the past, real estate agents were required to strictly represent the seller. With the ever increasing complexity of the real estate market today, many buyers and sellers are opting for specialized services without compromising their personal goals.

Your Agent's Fiduciary Duties
When acting on your behalf, your agent is bound by law to the following:

• Must be loyal at all times and act in your best interests 
• Obey and fulfill all your lawful instructions 
• Is obligated to safeguard your confidences (i.e. urgency to buy or sell)
• Needs to exercise reasonable care and diligence in answering any questions about your purchase or sale.
• Accountable for handling all paperwork and funds promptly and presenting offers in a timely manner.
• Other duties as specifically outlined in the listing contract or buyer's agency contract.

Seller's Agency (Selling a Home) 

When you first list your home for sale you employ the real estate company through your agent as a seller's representitive. An agent can provide valuable services to a buyer, but all agents and subagents invoved in the transaction work on behalf of, and in the best interest of, the seller. This is the most traditional arrangement in real estate brokerage.

Seller Contract Requirements

• Work to be performed 
• Duration of contract 
• Condition of fees Buyer's Agency (Buying a home)

This agency relationship exists when the agent represents the buyer exclusively in the real estate transaction. The agent works on behalf of, and in the best interest of, the buyer. This concept may seem new, yet it has been in existence for many years.

Buyer Contract Requirements

• Duties to both parties 
• Duration of contract Fees (what condition fees will be earned, who pays and when) 
• Other duties as specifically outlined in the listing contract or buyer's agency contract.

Dual Agency
An agency relationship in which the broker represents both the buyer and the seller. This includes an in-house sale, when both the buyer and the seller have contracted with the same company, even if they are using two different salespeople. Both parties must agree prior to any negotiation or acceptance of a purchase agreement and are required to meet disclosure laws in most states. The agent or agents must be impartial to both parties and cannot disclose any confidential information to either the seller or the buyer.

The specific duties owed to the buyer and the seller depend upon the contract that is arranged, however, some contract requirements may be:

• Disclosure of any material defects in the property 
• Fair treatment of each party 
• Disclosure of the qualifications of the buyer to buy
  and the seller to sell 
• Assistance in property inspections 
• Diligence on facilitating the sale of property after the purchase agreement or sales contract has been accepted.

Remember: Always read all contracts or disclosure forms before signing!