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:
The seller’s agent had no duty to:
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:
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:
A transaction broker shall not
disclose:
A transaction broker has no duty to:
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.