3870 Frontage Rd. Bullhead City Az.
Phone (928) 763-9444
The following information is provided to keep both buyers and sellers aware of their legal rights when dealing with real estate agencies and agents. This is paraphrased from the law but is not a direct quote.
In the last few years, agency has become a very important issue in Real Estate. There was a time when every Realtor had, by law a fiduciary relationship only with the seller. That meant the law required the the Realtor's sole responsibility was to get the best price possible for the seller, based on the theory that the seller paid the commission, therefore the seller was the client. The term Caveat Emptor (Buyer Beware) left the buyer to fend for himself.
Things have really turned around. Buyers are now represented by the brokerage in almost every transaction. The law has changed to require the the Realtor act in the best interest of both parties (dual agency) and additionally, the law created the role of buyer agent. You the buyer, can now be represented throughout the entire process and at no additional cost.
Tri State Realty Inc. represents only the seller in transactions where we have the listing and an offer is received from another Real Estate office, We represent both the buyer and the seller when we have both the listing and the buyer. Finally we represent only the buyer when we are dealing with a property not listed by our firm.
A Broker, either acting directly or through one or more agents with the same brokerage firm, can legally represent both the buyer and the seller in a transaction, but only with the knowledge and consent of both parties. The Broker has the following obligations to both buyer and seller. The duties of loyalty, obedience, disclosure, confidentiality, and accounting in dealing with both buyer and seller. However in representing both the seller and the buyer, the broker will not, without express written permission of the respective parties, disclose to the other party that the seller will accept a price less than the listed price or that the buyer will pay a price greater than the price offered. The Broker should exercise reasonable skill and care in the performance of his duties of honest and fair dealings and to disclose all facts known to the Broker which materially and adversely affect the consideration to be paid for the property.
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