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Basic Real Estate Information Selling your home can be a complex matter if you are not familiar with some of the basic terminology and customs. Having a general understanding of common Real Estate practices can make a world of difference in how smoothly your sale will go. Here are some basic concepts you should know and understand. A Real Estate Agent's Role: Sub-Agency and Buyer's Agency Seller Sub-Agency: Agency relationships in residential real estate sales were once very different. An owner of real estate signed an agreement and the real estate agency (the listing firm) listed the property. The listing firm and all its affiliated agents were the agents of (or worked for) the seller because of the listing agreement. Other brokers and salespersons affiliated with other real estate firms frequently became involved in efforts to sell the property as a result of the listing firm's advertising (which eventually led to the development of the MLS system). At this point, all agents involved either as the listing agency or the selling agency (the agency who actually sells the property by bringing the buyer) were legally considered to be subagents of (or worked for) the seller. What this means is that the buyer had no representation of their own. Buyer's Agency: This concerned home buyers greatly, and eventually a new age of agency relationships was born: buyer's agency. Under this type of agreement buyers now have their own agents representing them in the sales transaction. The buyer agency agreement is the one most commonly used today. When selling your home, keep in mind that there are these two different forms of agency relationships: seller sub-agency (both the listing agency and the selling agency work for you - the seller) and buyer agency (the listing agency works for you and the selling agency works for the buyer). When a real estate agent brings a buyer to show your home, they are required by law to disclose what kind of agency agreement they have with the buyer. This lets you know exactly who the agent is working for and your position in the matter. The agent will either be the buyer's agent (working for the buyer) or a sub-agent (working for your interests). As the listing agency, we are always working toward your interests. Regarding listing agreements themselves, there are two main types of Listing Agreements which you will run into when deciding to list your home for sale with any Real Estate agency. These are the Exclusive Right to Sell Listing Agreement and the Exclusive Agency Listing Agreement. Exclusive Right to Sell Agreement: This agreement is most commonly found with full service real estate agencies. The agreement gives the listing agency the right to be the "exclusive" agency for the marketing and listing of your property. It also gives them the right to collect a commission, even if the owner finds their own buyer. This means you pay a listing agency commission no matter who sells your home and you will most likely pay a buyer's agency commission as well. Together you may pay 6% or more of the sales price. Exclusive Agency Agreement: Under this agreement the seller still employs one agent (this is what the term "exclusive" means) to list their home. Under this type of Agreement, the owner reserves the right to sell the property on their own without paying a listing commission. Carolina Listing Express.com uses an Exclusive Agency Listing Agreement, so you maintain the right to sell your home yourself. We waive the right to collect a commission even if we find the buyer for you (via the MLS system, seller sub-agents or buyer's agents). By company policy we never act as a buyer-agents for buyers. In other words we, by choice, limit our services to listing properties only. And we charge no listing commission, period. List your home with Carolina Listing Express.com and enjoy the savings!  |
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