In South Carolina real estate brokers and their realtors are required to disclose the type of working relationship they have with the buyers in a real estate transaction. There are several types of relationships that are available to you. You should understand these at the time a broker provides specific assistance to you in buying real estate. Buyers Agent and Sellers 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. the Transaction Broker relationship places the broker in the role of a middleman who assists both parties in the transaction. A buyer is advised to consult legal counsel before entering into any agency relationship. A Buyers Agent acts solely on behalf of the buyer and owes duties 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. The buyer is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to sellers all adverse material facts concerning the buyers financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property. A separate written buyers agreement is required which sets forth the duties and obligations of the parties. Sellers / Listing Agent Dual Agency in Greenville South Carolina A Dual Agency assists the buyer or seller or both throughout a real estate transaction with communication, advice, negotiation, contracting and closing without being an agent or advocate for any of the parties. The parties to a transaction are not legally responsible for the actions of a Dual Agent and a Dual Agent does not owe those parties the duties of an agent. However, a Dual Agent does owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any oral or written agreements. A Dual Agent must also make the same disclosures as agents about adverse material facts concerning a property or a buyers financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. For a Greenville SC real estate transaction a written agreement accepting dual agency is required.
|
