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to circle back to howard555 ...in relatively plain English, the Agreement you shared said "Exclusive", contained multiple references to doing everything through the agent, and contained no out clause but had an end date ~ 6 months in the future.
Realtors need to understand the consumer cannot, and really shouldn't have to, distinguish between "customer" and "Client". the differentiation they need is "Are you represented and getting the agent's best efforts on your behalf?" or not.
I'm in SC as is Howard and that is our state produced EBA. Customers and clients are 2 different things in SC. Accompanying it, but not included in his post, is a 2 page agency explanation which defines customer vs. client relationships and should also be signed by the client or customer. The agent is required represent a client's best interest. The agent only owes the customer honesty and can perform administrative level activities for them. The EBA is also very clear in Broker and client responsibilities and outlines agent payment.
there are people qualified to succeed with Seller subagency/no Buyer rep.
there are people qualified to succeed with FSBO.
There aren't nearly as many people that do that think they can, based upon journalists' articles, clickbait, and internet forum claims.
Subagency means they have their "own" agent helping them but not bound to them as a fiduciary. I cannot think of a single instance where that would benefit the consumer over being a client and having the agent owe them fiduciary responsibilities and representing their best interest.
Yes, there plenty of people that can succeed as a fsbo.
Subagency means they have their "own" agent helping them but not bound to them as a fiduciary. I cannot think of a single instance where that would benefit the consumer over being a client and having the agent owe them fiduciary responsibilities and representing their best interest.
Yes, there plenty of people that can succeed as a fsbo.
Subagency in NC means the Seller has TWO agents and the buyer has NO agents.
Smart sellers and listing agents will not cooperate with subagents due to extreme liability issues.
I won't work in subagency. And, all of my listing agreements and MLS entries indicate I will not cooperate with subagents and they get no cobroke commission.
Subagency in NC means the Seller has TWO agents and the buyer has NO agents.
Smart sellers and listing agents will not cooperate with subagents due to extreme liability issues.
I won't work in subagency. And, all of my listing agreements and MLS entries indicate I will not cooperate with subagents and they get no cobroke commission.
SC technically did away with subagency with the last rewrite of agency disclosures. Now they are just customers. In the mind of the REC, if the agent explains it properly, no consumer would ever opt for a customer relationship over a client relationship. Of course, that notion is dispelled by a few posters on this thread alone.
Duties owed by the agent to CLIENTS (not customers which is what you are w/o an ERB) are obedience, loyalty, disclosure, confidentiality, accounting, reasonable care and skill, and advice and assistance on negotiations.
On the next ERB, write in something on page 3 to the effect of : "Buyer may unilaterally void the Buyer Agency if (provide whatever conditions you need here).
Examples may be agent is unavailable to show a property within 24 hours of request or agent doesn't return a message within 24 hours or whatever.
You can also do shorter contract lengths on page 2 or make them property specific by writing an address in the location line of page 1.
Good and we may have no need for that in the near term.
I'll never accept a 6 month agreement again. Maybe three months and then re-evaluate.
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I find some potential properties on my own (time and effort and cost)
One example is a friend and they might get a sale if they get moving on their retirements plans of "property liquidation." She has already said she does not want an agent involved. She's bought and sold so many agent is not needed. So I'm obligated to bring in my current agent and the consequences of that. which might be a lost purchase.
By the way when I merely told my agent I was receiving listings every day from another agent they offered a release. I did not accept. They misunderstood what "daily listings" meant. It meant I'm on an agent's mailing list and have been since way last year and they have never inquired about whether I need an agent, etc. The most confrontational they have been is "let us know if you need an agent." They are selling them fast and selling properties with average prices of $200-$300K. They have no need to push me to let them help me buy. I appreciate the very timely listings and it can save my agent time since I can ride by a property and take a look from the street, etc. and if I want a viewing I then ask for one.
Good and we may have no need for that in the near term.
I'll never accept a 6 month agreement again. Maybe three months and then re-evaluate.
.....
I wouldn't mind signing with an agent for a year.
The length of the agreement is not near as important as a unilateral right for either party to terminate the agreement at will.
I wouldn't mind signing with an agent for a year.
The length of the agreement is not near as important as a unilateral right for either party to terminate the agreement at will.
What's the point of having such an agreement if either party can cancel at any time for any reason?
What's the point of having such an agreement if either party can cancel at any time for any reason?
As long as it is an active agreement:
It specifically defines the relationship and responsibilities of both parties.
It engages the agent in a fiduciary role, creating an agent-client relationship rather than a salesperson-customer relationship.
It specifically defines the relationship and responsibilities of both parties.
It engages the agent in a fiduciary role, creating an agent-client relationship rather than a salesperson-customer relationship.
This is important because if an agent violates their fiduciary duty then the client has legal recourse for the agent violating the contract. Written contracts are enforcable, verbal contracts are not.
This is important because if an agent violates their fiduciary duty then the client has legal recourse for the agent violating the contract. Written contracts are enforcable, verbal contracts are not.
And, we again may get into seller subagency, where the agent's function is to extract from the buyer price and terms which will most benefit the sellers, along with no expectation of any level of confidentiality for the buyers' personal or business information. The agent owes allegiance only to the seller.
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