Home Buyer or Seller … Who is your Guardian Angel?
- who, if anyone, is obligated to protect your interests
- who is actually legally restricted in the advice and guidance that can be given to you
- what should your expectations for a broker/agent be?
With the Arizona Real Estate Agency Disclosure and Election Form buyers and sellers “instruct” the Realtor® on the nature of the representation to be performed. This is NOT part of any contract. It’s simply an instruction from the client to the agent. The choices on the form are:
A buyer should “instruct” with option #1, plus #3 to be able to see all qualifying choices. Regarding #3, as a practical fact, buyer agents likely will not know anything about the seller or the property other than what’s public information in ARMLS and what they see onsite. They are going to advise their clients just as they would if some other broker had the listing. Of course, if the buyer’s agent is also the listing agent for a property being shown or offered on, that’s an entirely different situation.
Buyers should NEVER allow option #2. Go get your own Realtor® … the service of that “pro” is free to you.
A seller should “instruct” with option #2, plus #3 for exposure to all potentil buyers. Regarding this #3, it is essentially the same situation as for #3 for the buyer, including the exception if the agent is the listing agent.
A FSBO seller might well be dealing with #1, but that’s what a FSBO is all about.
As a Buyer for a re-sale or new-build home,
and particularly a new-build,
you need your own representative to work exclusively for your interests
and have specific duties to you.
To buy any new home, you will be required to sign a disclosre acknowledging that the agent in the sales office exclusively represents the builder … that agent is has specific duties to the builder and is legally limited in the advice that may be provided to you.
The same is true of the broker/agent you see named in any form of advertisement or promotion.
The Arizona Brokers & Agents page explains the difference between an agent, employing broker, designated broker, associate broker, and a salesperson, as well as who is actually representing the respective principals in a real estate transaction.
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