Representing You
Every profession has generalists and specialists. Real estate is no different.
Not many years ago, all real agents legally worked for the seller--as a salesperson both agents in the transaction had the same client (the seller) and the identical goal (sell that house). This remains true in many other countries but not in the U.S.
In South Carolina, there are different type of agency relationships--legally binding agreements between the real estate broker and the buyer. A person interested in buying real estate does not have to enter such an agreement but then the buyer works with the agent as a "customer" rather than a "client;" here the buyer's agent actually works for the seller in a "sub-agency" role.
But, even if you enter an agency relationship with a real estate brokerage firm all agents are not alike! In the Charleston area, there are about 200 agents (out of several thousand) who have this coveted distinction of being an Accredited Buyer Representative.
Agents with an ABR designation have expertise advocating for the buyer. Helping you find the right home or investment property is just the beginning of the buying process. Negotiating a fair price based on knowledge of the neighborhood market and the specific home, inspecting the property to avoid unforeseen repairs and getting compensation for necessary adjustments from the seller, identifying qualified professionals such a licensed contractor, attorney, tax accountant, insurance broker, and moving the transaction from a ratified contract to a smooth closing are just a few of the responsibilities of a buyer's agent. The first step is getting your Home Buyer's Tool Kit.
When you sign an exclusive right to buy agreement, you can be assured that you will be receiving unsurpassed service. Agency = Empowerment!
In abbreviated form, here are the different fiduciary duties owed by a real estate company to its customers and to clients.
| Fiduciary Duty | Customer | Client |
CARE and DILIGENCE | As long as a “reasonable and prudent” person would understand | Protect client from harm (e.g., verify what is in MLS such as square footage) |
CONFIDENTIALITY | NONE | Owe total confidentiality (forever) unless perm given or by law |
OBEDIENCE | NONE | Do anything and everything asked to do relating to real estate that is lawful. |
ACCOUNTING | Handling documents and $ in a timely fashion; keeps client informed | Handling documents and $ in a timely fashion; keeps client informed |
LOYALTY | NONE | 100% |
DISCLOSURE | Only need to use the “reasonable and prudent” standard | Must disclose any material fact that might affect client’s decision that is legal to tell them, such as: zoning, potential rezoning, EPA issues on site |
