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Jennifer Niederbrach ePro

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AGENCY, REPRESENTATION & BUYER Agency Agreements

 

Agency: This is a framework that has developed in the law to allow individuals to act through another person or representative.  This particularly occurs in commercial transactions.  Examples might include hiring an attorney to represent you in a business transaction, working with a stockbroker to purchase stocks or other investments, or working with a real estate agent to buy or sell real estate.  Your legal Agent may have unlimited or limited powers on your behalf.  Your legal agent owes you certain fiduciary-like statutory duties such as confidentiality, promoting your best interests, exercising reasonable skill and care.

 

Designated Agency: This arrangement with real estate brokerage company results in one or more sales associates with that company being designated as your legal agent.  Illinois State law presumes that the agent you work with, whether you are a buyer or a seller, is your designated agent, unless you have an agreement otherwise.  Other sales associates in the real estate firm may be the legal agents of other buyers and sellers and may be the legal agent of the party from whom you buy a property.

 

The only individuals owing you statutory duties are those designated as your legal agent and not any other sales associates within RE/MAX Affiliates

 

Buyers Agents: As a buyer, you have access to listings available to your designated agent through multiple listing service, for sale by owners, and other sources.  You will also receive other services from your agent such as financing information, assistance in determining your price range, and assistance in facilitation of the closing.  Typically, the buyer and RE/MAX Affiliates will enter into a written brokerage agreement.  This agreement will identify your designated agent, define the scope of your agent?s authority, and spell out contractual rights and duties between you and the designated agent.

 

Dual Agency: In this type of situation, both the buyer and seller in a transaction are represented by the same legal agent.  In this case, there are specific statutory duties that the dual agent owes to both buyer and seller.  Most notably is the duty not to disclose confidential information of one party to the other.  Dual agency is allowed only with your consent.  Upon entering into a brokerage agreement you will be given a form explaining dual agency that seeks your consent to allow your agent to act as dual agent should the situation arise.  If you consent at that time and a dual agency situation actually arises, you will be asked to confirm your prior consent before entering into a contract for the purchase of property.  Please note that in a dual agency situation, the role of the sales associate will be somewhat limited and you will, at times, have to act on your own behalf when negotiating terms of your purchase.

 

 

 

Remember in whatever manner you choose to be represented, the goal is the same.  We are trying to assist you in the purchase of real estate upon terms acceptable to all parties.

 


Buyer Agency Education Agreement

 

Our Pledge of Performance

Because we as a team are committed to you, we will:

*  Give you the most current information on available homes

*  Keep you aware of changes in the real estate market

*  Provide ready access to all MLS listed properties

*  Assist you as needed on ALL unlisted properties

*  Check applicable zoning and building restrictions

*  Disclose all known facts about properties we show you

*  Collect pertinent data on values, taxes, utility costs, etc.

*  Explain forms, contracts, escrow and settlement procedures

*  Provide you with a list of qualified attorneys, home inspectors, or other service providers

*  Perform a market analysis on chosen properties

*  Discuss financing alternatives

*  See that you get a complete estimate of all costs involved

*  Advise on offers on properties

*  Write and present your purchase agreement to the seller

*  Negotiate on your behalf

*  Keep your personal information

*  Stay in touch with you from the day you start your search until the day you move in

*  Coordinate all aspects of the sale and closing

 

What We Expect From You

*  Be honest and open with us. WE work for you and can best help you if we have a good                                         

    understanding of your needs

*  Get pre-qualified for your mortgage prior to beginning the home viewing process

*  Contact us regarding all properties in which you may become interested in, including

    For Sale by Owner, New Construction and Open Houses. We can obtain all information on

    any property you may be interested in and give you exclusive representation, which is

    always in your best interest.

 

What Do Our Services Cost?

*  All of our services come at no cost to you

*  Seller pays all real estate commissions through their listing agreement with the selling agent

*  We get paid our commission only when we have successfully closed a transaction

 

Thank you for your loyalty and commitment!

 

 

______________________________                                ________________________________

Jennifer Niederbrach, Broker                                           Buyer                                           Date

Otto Niederbrach, Realtor                                                ________________________________

Re/Max Affiliates                                                            Buyer                                           Date

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