What is "Agency" ?
When real estate professionals work with buyers and sellers, "agency" relationships are established. Because it is important that you have this information, when you start a relationship with a real estate professional in Ohio, we are required to give you a booklet explaining the different agency relationships. You will need to sign a form acknowledging receipt of this. The following relationships are explained in this booklet:
When purchasing real estate, buyers usually choose to work with a real estate agent as well. Often the buyers want to be represented in the transaction. This is referred to as buyer's agency. A brokerage and agent that agree to represent a buyer's interest in a transaction must:
Most sellers of real estate choose to list their homes for sale with a real estate brokerage. When they do so, they sign a listing agreement that authorizes the brokerage and the listing agent to represent their interests. As the seller's agent, the brokerage and the listing agent must:
Occasionally the same agent and brokerage that represent the seller also represent the buyer. This is referred to as dual agency. When a brokerage and its agents become dual agents, they must maintain a neutral position in the transaction. They may not advocate the position of one client over the best interests of the other client, or disclose any confidential information to the other party without written consent.
On occasion, the buyer and seller will each be represented by two different agents from the same brokerage. In this case the agents may each represent the best interest of the clients, or, depending on company policy, the agents may both act as dual agents and remain neutral in the transaction. When either of the above occurs, the brokerage will be considered a dual agent. As a dual agent, the brokerage and its managers will maintain a neutral position and cannot advocate for the position of one client over the other.
Working with Berkshire Hathaway Home Services Kathy Reid Realty
Berkshire Hathaway Home Services Kathy Reid Realty does offer representation to both buyers and sellers. Therefore the potential exists for one agent to represent a buyer who wishes to purchase property listed without another agent in our company. If this occurs, each agent will represent their own client, but BHHS Kathy Reid Realty and its managers will act as a dual agent.
This means that the brokerage and its managers will maintain a neutral position and not take any actions that will favor one side over the other. BHHS Kathy Reid Realty will still supervise both agents to assure that their respective clients are being fully represented and will protect the parties' confidential information.
In the event that both the buyer and seller are represented by the same agent, that agent and BHHS Kathy Reid Realty will act as dual agents but only if both parties agree. As dual agent they will treat both parties honestly, prepare and present offers at the direction of the parties, and help the parties fulfill the terms of any contract. They will not, however, disclose any confidential information that would place one party at an advantage over the other or advocate or negotiate to the detriment of either party.
If dual agency occurs, you will be asked to consent to it in writing. If you do not agree to your agent acting as a dual agent, you can ask that another agent in our company be assigned to represent you or you can seek representation from another brokerage.
As a buyer, you may also choose to represent yourself on properties that BHHS Kathy Reid Realty has listed. In that instance BHHS Kathy Reid Realty will represent the seller and would represent your own best interests. Because the listing agent has a duty of full disclosure to the seller you should not share any information with the listing agent that you would not want the seller to know.