Home Buyer or Seller … Who is your Guardian Angel?
Some questions regarding your home sale/purchase transaction:
- who, if anyone, is obligated to protect your interests?
- who is actually legally restricted from giving you advice and guidance?
- 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” his/her agent, by checking options #1 and #3, to be shown all qualifying choices irrespective of who the listing agent or brokerage is.
A seller should “instruct” his/her agent by checking options #2 and #3, to ensure the property is presented to all potential buyers irrespevtive of who the buyer’s agent is.
Regarding #3, as a practical fact, buyer agents who show listing belonging to their own brokerage 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, that’s an entirely different situation.
A buyer should NEVER choose option #2. You should have your own Realtor® representative.
A seller should NEVER choose #1. You should have your own Realtor® representative.
For the seller regarding choice #3, this 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.
If you are a home Buyer,
including for buying a new-build home,
you need a professional representative
who will work exclusively for your interests
and have specific duties to you.
To buy any new home, you will be required to sign a disclosure acknowledging that the agent in the sales office exclusively represents the builder … that agent 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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