Carolina Coastal Properties
Relationships in South Carolina
Section 40-57-139 (A) (1) and (2), requires a real estate licensee to provide you with a meaningful explanation of agency relationships offered by the licensee’s Company. This must be done at the first practical opportunity when you and the licensee have substantive contact. Before you begin to work with a real estate licensee, it is important for you to know the difference between a broker-in-charge and associated licensees.
The broker-in–charge is the person in charge of a real estate Company. Associated licensees may work only through a broker-in-charge. In other words, when you choose to work with any real estate licensee, your business relationship is legally with the Company and not with the associated licensee.
A real estate Company and its associated licensees can provide buyers and sellers valuable real estate services, whether in the form of basic customer services, or through client-level agency representation. The services you can expect will depend upon the legal relationship you establish with the Company. It is important for you to discuss the following information with the real estate licensee and agree on whether in your business relationship you will be a customer or a client?
Now You Are a
Customer of the Company
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.
You Can Become a Client
A seller becomes a client of a real estate company signing a formal listing agreement with the Company. For a seller to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the seller and the Company which becomes the agent for the seller.
A buyer becomes a client of a real estate Company by signing a formal buyer agency agreement with the Company. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the Company which becomes the agent for the buyer.
If you enter into a written agency agreement, as a Client, you can expect the real estate Company to provide the following client-level services:
Client-level services also include advise, council and negotiations.
Disclosed Dual Agency
Each Dual Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.
At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the Company to designate a representative for you and one for the other client in a designated agency.
Each Designated Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.
What to Look For in Any
If you plan to become a client of a Company, the licensee will explain the agreement to you fully and will answer questions you may have about the agreement. Remember, however, that until you enter into a representation agreement with the Company, you are considered a customer and the Company cannot be your advocate, cannot advise you on price or term and cannot keep your confidences.
It’s Your Choice
The choice of services belongs to you - the South Carolina real estate consumer.
|© 2014 Carolina Coastal Properties, LLC 1507 Palm Blvd, Isle of Palms, SC 29451 (843) 886-9444|