Representation? It’s your choice!

At Reece & Nichols, we offer you the full spectrum of representation choices. In other words, we professionally represent Buyers as well as Sellers. The representation guidelines are different depending on your state. First are the guidelines for Kansas followed by Missouri.

When the selling agent represents the seller in the state of KANSAS:

The seller’s agent represents the seller only, so the buyer may be either unrepresented or represented by another agent. As the seller’s agent, we are responsible for performing the following duties:

• Promoting the interests of the seller with utmost good faith, loyalty, and fidelity
• Protecting the seller’s confidences, unless disclosure is required
• Presenting all offers in a timely manner
• Advising the seller to obtain expert advice
• Accounting for all money and property received
• Disclosing to the seller all adverse material facts about the buyer that the agent knows
• Disclosing to the buyer all adverse material facts actually known by the agent, including the following:
• Environmental hazards affecting the property that are required to be disclosed
• The physical condition of the property
• Any material defects in the property or in the title to the property
• Any material limitation on the sellers ability to complete the contract
• To assist the seller throughout the entire sales process and look out for the sellers best interests

The seller’s agent had no duty to:

• Conduct an independent inspection of the property for the benefit of the buyer
• Independently verity the accuracy or completeness of any statement by the seller or any qualified third party

When the buying agent represents the buyer in the state of KANSAS:

The buyers agent represents the buyer only, so the seller may be either unrepresented or represented by another agent.

The buyer’s agent is responsible for performing the following duties:

· Promoting the interests of the buyer with the utmost good faith, loyalty and fidelity

· Protecting the buyer’s confidences, unless disclosure is required

· Presenting all offers in a timely manner

· Advising the buyer to obtain expert advice

· Accounting for all money and property received

· Disclosing to the buyer all adverse material facts that the agency knows

· Disclosing to the seller all adverse material facts actually known by the agent, including all material facts concerning the buyer’s financial ability to perform the terms of the transaction.

The buyer’s agent has no duty to:

· Conduct an independent investigation of the buyer’s financial condition for the benefit of the seller

· Independently verify the accuracy or completeness of statements made by the buyer or any qualified third party

As your buyer’s agent, we will assist you in selecting the home best suited to your wants and needs, securing the best financing available for you financial requirements, preparing and presenting an offer to purchase that property as well as assisting in your negotiations to purchase. We will work with you throughout the closing process, aiding with all appropriate inspections and making sure that your closing and possession go smoothly. In all dealing, we will treat you with honest and integrity in a professional, businesslike manner.

To begin this process, we execute a representation agreement, called a Buyer Agency Contract.

Transaction Broker in the state of KANSAS;

The transaction broker is not an agent for either party, so the transaction broker does not advocate the interests of either party.

The transaction broker is responsible for performing the following duties:

· Protecting the confidences of both parties, including the following information:

o The fact that a buyer is willing to pay more

o The fact that a seller is willing to accept less

o Factors that are motivating any party

o The fact that a party will agree to different financing terms

o Any information or personal confidences about a party that might place the other party at an advantage

· Presenting all offers in a timely manner

· Advising the parties regarding the transaction

· Suggesting that the parties obtain expert advice

· Accounting for all money and property received

· Keeping the parties fully informed

· Assisting the parties in closing the transaction

· Disclosing to the buyer all adverse material facts actually known by the transaction broker, including:

o Environmental hazards affecting the property that are required to be disclosed

o The physical condition of the property

o Any material defects in the property or in the title to the property

o Any material limitation on the seller’s ability to complete the contract

· Disclosing to the seller all adverse material facts actually known by the transaction broker, including all material facts concerning the buyer’s financial ability to perform the terms of the transaction.

The transaction broker has no duty to:

· Conduct an independent inspection of the property for the benefit of any party

· Conduct an independent investigation of the buyer’s financial condition

· Independently verify the accuracy or completeness of statements made by the seller, buyer, or any qualified third party

MISSOURI REPRESENTATION

Missouri law allows licensees to work for the interest of one or both of

the parties to the transaction. The law also allows the licensee to work

in a neutral position. How the licensee works depends on the type of

brokerage service agreements involved. Since the sale or lease of real

estate can involve several licensees, it is important that you understand

what options are available to you regarding representation and to understand

the relationships among the parties to any transaction in which

you are involved.

Missouri laws require that if you want representation, you must enter

into a written agreement. This may or may not require you to pay a

commission. You do not need to enter into a written agreement with a

transaction broker unless you intend to compensate this licensee. These

agreements vary and you may also want to consider an exclusive or

nonexclusive type of relationship.

If you choose not to be represented by an agent, the licensee working with you may be working for the other party to the transaction.

Disclosed Dual Agent in Missouri

With the written consent of all parties, represents both the seller and the buyer or the landlord and the tenant.

A Disclosed Dual Agent may disclose any information to either party that the licensee gains that is material to the transaction.

A dual agent may not disclose information that is considered confidential, such as:

• Buyer/Tenant will pay more than the purchase price or lease rate
• Seller/Landlord will accept less than the asking price or lease rate
• Either party will agree to financing terms other than those offered
• Motivating factors for any person buying, selling or leasing the property
• Terms of any prior offers or counter offers made by any party.

Designated Agent in Missouri

The Designated agent acts as your specific agent, whether you are a buyer or tenant, or seller or landlord. When the broker makes this appointment, the other real estate licensees in the company do not represent you.

There are two exceptions with both resulting in dual agency:

1) The agent representing you as a buyer or tenant is also the agent who listed the property you may want to buy or lease.

2) The supervising broker of two designated agents becomes involved in the transaction.

Transaction Broker in Missouri

Does not represent either party, therefore, does not advocate the interest of either party.

A transaction broker is responsible for performing the following:

• Protect the confidences of both parties
• Exercise reasonable skill and care
• Present all written offers in a timely manner
• Keep the parties fully informed
• Account for all money and property received
• Assist the parties in complying with the terms and conditions of the contract
• Disclose to each party of the transaction any adverse material facts known by the licensee
• Suggest that the parties obtain expert advice.

A transaction broker shall not disclose:

• Buyer/Tenant will pay more than the purchase or lease price
• Seller/Landlord will accept less than the asking or lease price
• Motivating factors of the parties
• Seller/Buyer will accept financing terms other than those offered.

A transaction broker has no duty to:

• Conduct an independent inspection of, or discover any defects in, the property for the benefit of either party
• Conduct an independent investigation of the buyer’s financial condition

Confidential Information

Whether we are the buyers agent or the sellers agent, four types of confidential information are not communicated:

1. The Buyer’s Highest Price
2. The Seller’s Lowest Price
3. The Motivation of Either Party
4. The Fact that Either Party will Accept Financing Terms other than Those Offered

However, we will provide you with comparative market information, including the sale prices of comparable properties so that you will be a fully informed consumer, able to make educated decisions about your purchase or your sale.

STATEMENT OF REPRESENTATION

Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent’s firm to represent you. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. Even though licensees may be representing other parties, they are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts.