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MLS Videos
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AGENCY
and what it means...
NY
State Law mandates the determination of agency representation at initial
consultation. Please take the time to review and understand this disclosure
before discussing any confidential information with an agent.
In the past, home
buyers often assumed their real estate agent worked in their behalf.
After all, the agent showed them lots of properties, called regularly
to tell them about new listings, wrote the offer to purchase, and answered
questions about mortgages and other issues related to the sale. Buyers
felt free to give confidential information to an agent, unaware that
it was the agent's duty to pass the information on to the seller.
The disclosure
may take place at your first face-to-face meeting, during a phone call,
or by e-mail, but it should always be made before a real estate agent
asks for specific information about your needs. In a Multiple Listing
situation, all offices work to sell each other's listings, so even if
another firm holds the actual contract, all real estate agents are sub
agents for the seller unless otherwise agreed upon.
A seller's agent may ask you to sign a statement that verifies she disclosed
her agency status to you. It is not a contract, simply an agency disclosure
statement.
Seller's Agent
- A real estate professional becomes a Seller's Agent by entering into
a listing agreement to represent the seller's interests. Seller representation
may also be created when a real estate professional shows a property
on the Multiple Listing Service and "buyer agency" has not
been created. The Seller's Agent can provide information to assist the
buyer, but they must place the interests of the seller first.
A buyer should not disclose anything to the Seller's Agent they do not
want the seller to know.
If you are interested in selling or leasing real property, you can engage
a real estate agent as a seller's agent. A seller's agent, including
a listing agent under a listing agreement with the seller, acts solely
on behalf of the seller. You can authorize a seller's or landlord's
agent to do other things including hire subagents, broker's agents or
work with other agents such as buyer's agents on a cooperative basis.
A subagent, is one who has agreed to work with the seller's agent, often
through a multiple listing service. A subagent may work in a different
real estate office.
A seller's agent has, without limitation, the following fiduciary duties
to the seller: reasonable care, undivided loyalty, confidentiality,
full disclosure, obedience and a duty to account. The obligations of
a seller's agent are also subject to any specific provisions set forth
in an agreement between the agent and the seller.
In dealings with the buyer, a seller's agent should (a) exercise reasonable
skill and care in performance of the agent's duties; (b) deal honestly,
fairly and in good faith; and (c) disclose all facts known to the agent
materially affecting the value or desirability of property, except as
otherwise provided by law.
Buyer's Agent - A real estate professional
becomes the Buyer's Agent by entering into an agreement to represent
the buyer. A Buyer's Agent can assist the seller, but does not represent
the seller. The Buyer's Agent must place the interests of the buyer
first. A seller should not tell the Buyer's Agent anything they would
not want the buyer to know, because the Buyer's Agent must disclose
any pertinent information to the buyer.
If you are interested in buying or leasing real property, you can engage
a real estate agent as a buyer's or tenant's agent. A buyer's agent
acts solely on behalf of the buyer. You can authorize a buyer's agent
to do other things including hire subagents, broker's agents or work
with other agents such as seller's agents on a cooperative basis.
A buyer's agent has, without limitation, the following fiduciary duties
to the buyer: reasonable care, undivided loyalty, confidentiality, full
disclosure, obedience and a duty to account. The obligations of a buyer's
agent are also subject to any specific provisions set forth in an agreement
between the agent and the buyer.
In dealings with the seller, a buyer's agent should (a) exercise reasonable
skill and care in performance of the agent's duties; (b) deal honestly,
fairly and in good faith; and (c) disclose all facts known to the agent
materially affecting the buyer's ability and/or willingness to perform
a contract to acquire seller's property that are not inconsistent with
the agent's fiduciary duties to the buyer.
Dual Agent - Dual agency occurs when a real estate professional
represents both the seller and the buyer. It can also occur when the
Listing or Seller's Agent works for the same real estate firm as the
Buyer's Agent. In most states, the buyer, the seller, and the Agent
must agree in writing for the creation of dual agency. The Dual Agent
is required to treat the buyer and seller honestly and impartially.
In dual agency, the professional's duties are more limited and there
is potential for conflict of interest. You may hear the terms "transaction
broker" and "intermediary" in association with dual agency.
For instance, if the agent shows a buyer that is being represented,
a home that is listed with that brokerage.
A real estate agent acting directly or through an associated licensee,
can be the agent of both the seller/landlord and the buyer/tenant in
a transaction, but only with the knowledge and informed consent, in
writing, of both the seller/landlord and the buyer/tenant. In such a
dual agency situation, the agent will not be able to provide the full
range of fiduciary duties to the buyer/tenant and seller/landlord.
The obligations of an agent are also subject to any specific provisions
set forth in an agreement between the agent and the buyer/tenant and
seller/landlord. An agent acting as a dual agent must explain carefully
to both the buyer/tenant and seller/landlord that the agent is acting
for the other party as well. The agent should also explain the possible
effects of dual representation, including that by consenting to the
dual agency relationship the buyer/tenant and seller/landlord are giving
up their right to undivided loyalty.
A BUYER/TENANT OR SELLER/LANDLORD SHOULD CAREFULLY CONSIDER THE POSSIBLE
CONSEQUENCES OF A DUAL AGENCY RELATIONSHIP BEFORE AGREEING TO SUCH REPRESENTATION.
Broker's Agent - As part of your
negotiations with a real estate agent, you may authorize your agent
to engage other agents whether you are a buyer/tenant or seller/landlord.
As a general rule, those agents owe fiduciary duties to your agent and
to you. You are not vicariously liable for their conduct.
General Considerations - You should
carefully read all agreements to ensure that they adequately express
your understanding of the transaction. A real estate agent is a person
qualified to advise about real estate. If legal, tax or other advice
is desired, consult a competent professional in that field.
Throughout the transaction you may receive more than one disclosure
form. The law requires that each agent assisting in the transaction
to present you with this disclosure form. You should read its contents
each time it is presented to you, considering the relationship between
you and the real estate agent in your specific transaction.
What
E Realty Group Can Do For You as Your Exclusive Buyer's Agent!
The purchase
of a home is usually the largest investment of a lifetime...Are you
willing to make this investment without someone looking after your best
interest? E Realty Group offers a choice for buyers to be represented
by a buyer's agent or the traditional seller's agent. We take the guess
work out of the equation by providing the resources necessary in making
an informed decision.
As an Exclusive Buyer Agent, we can assist you with planning, locating
and evaluating property, negotiating price and terms, financing, inspections
and more. Insist on undivided loyalty and the protection of your interests.
Whether you are a first time home buyer, an old pro looking for real
estate for sale by owner, relocation buyer or you're out to just buy
a home the best way possible, you owe it to yourself to see how a true
Exclusive Buyer Agent can be your best answer to the complexities of
real estate transactions.
Bottom
Line- WE WORK FOR YOU THE BUYER!
• Show you more houses! As a Buyer's Agent, we have access
to MLS listed properties, For Sale by Owner, other Broker Office Exclusives,
Expired Listings and Builder's Inventory.
• Keep your information CONFIDENTIAL!
• We are totally objective when selecting the best available homes
that meet the buyer's specific requirements and advising our clients
about the value and resale potential of a property
• Point out the weaknesses as well as the strengths of a property
• Tell you if we think the house is overpriced!
• Analyze market data to determine the best terms and appropriate
offering price
• Apply our negotiating skills for your benefit to get the lowest
price possible
• Our role is not to "sell" you a house; our job is to
provide Real Estate advice, expertise, and counseling, to assist you
in your selection of a home.
Changing Agency Representation...
If a buyer chooses not to be represented initially by a buyer's
agent, and later they wish to change agency and be represented, they
may do so with the same E Realty Group Agent. You must notify us before
we enter a home of which agency you choose.
However, If a buyer chooses to be represented initially by a buyer's
agent, and later they wish to change agency and not be represented,
they may only do so with a different E Realty Group Agent
How Does it work?
Although in most cases the seller does provide commission compensation
outright, ultimately the buyer is responsible for the buyer agent's
commission. The buyer's agent can be compensated from the seller's proceeds
within the offer itself - which is how the seller pays the commissions
anyway: from your money. Call us for a more detailed explanation. This
is important, so call with any questions at 631-441-4141.
We look forward to being of service to you–exclusively!
The Buying Process on Long Island
Most first time home buyers or buyers that bought 10-20 years ago
are confused on the progression of events that take place. Told only
on an as needed basis, they are caught off guard with unexpected costs,
and time frames for the purchase. E Realty Group wants to take
the frustration out of the equation by informing you of the buying process
in our local area.
To Start
1. Realtor Consultation:
A. Determine representation
B. Contact us to review your wants & needs, price range & time
frame. Getting Started
2.
Research and contact a mortgage representative to determine what price
range you pre qualify for and feel comfortable in. (if applicable)
A. Notify them of your choice to have them represent you.
B. Start the mortgage application process.
C. Provide the Mortgage Representative's contact information to your
Real Estate Agent.
3.
Research and choose a Real Estate Attorney for your purchase.
A. Notify them of your choice to have them represent you.
B. Provide the Attorney's contact information to your Real Estate Agent.
4.
Review home prospects.
5. Schedule and view homes with your Realtor. Make sure to bring any
and all friends or family members that will influence your decision.
6. Your Agent will provide information resources for the homes &
areas that you will be looking in. Buyer Agency
Making an Offer
1. Preliminary Counsel:
A. Discuss local buying trends in the area where the home is located.
Buyer Agency
B. Review recently sold comparable properties. Buyer Agency
C. Discuss strategies. Buyer Agency
2.
Forms needed:
A. Property Condition Disclosure
B. Lead Disclosure (if applicable)
C. Binder - offer or proposition
D. A deposit check written to the seller (if applicable)
3.
Your Realtor will contact your mortgage representative to obtain a pre-qualification
letter (if applicable)
4. Your Realtor will present and negotiate your offer with your constant
consultation to procure an accepted offer.
Accepted Offer
1. At this time the owner's are willing to accept your offer. This means:
A. The owner can still show the home.
B. The owner can still market the home.
C. Someone else can make a better offer.
D. The owner can accept another offer.
E. The owner can rescind the acceptance of your offer.
F. You can rescind your offer.
2.
Research and choose a Licensed Home Inspector for your purchase.
A. Schedule a home inspection (engineer's report) through your Realtor
ASAP.
B. You and your Realtor should be present at the home inspection. This
is the last time you will see the home before closing.
C. COD is typically required.
D. The engineer will send you and your attorney the report.
3.
Renegotiate only if unexpected costly repairs are needed or information
has been withheld.
Contracts
1. Your Realtor will notify your attorney of the accepted offer and
submit all information related to the transaction while the listing
Agent will notifies the seller's attorney.
2. The seller's attorney will write the contracts and send them to your
attorney.
3. When the contracts have been received, you will be contacted by your
attorney and scheduled to sign them.
4. Your attorney will review and have you sign the contracts.
A. Make sure the contract reflects your entire offer.
B. A Portion of your down payment is due
C. Your attorney will then send the contracts back to the seller's attorney.
5.
The seller signs the contracts, and their attorney sends a copy back
to your attorney.
Under Contract
1. At this time you and the owner(s) are bound to the terms of the contract.
2. Your attorney will:
A. Contact and send a copy of the contracts to your mortgage representative.
B. Order a title report on the property.
3.
An appraisal will be done on the property coordinated through your Realtor,
the listing agent, the seller and bank appraiser.
4. A termite inspection will be done on the property (if not done during
the home inspection) coordinated through you, your Realtor, the listing
agent, the seller and mortgage representative. COD is typically required.
5. When the title report is free and clear of any liens and property
discrepancies, the mortgage commitment will be given.
6. You will need to obtain home owner's insurance for the year.
7. A Closing Date will be coordinated through both attorneys, the seller
and You. Notify your Realtor of place, date and time.
8. The transfer of utilities and final walk-through will be done on
the property, coordinated through you, your Realtor, the listing agent
and the seller.
The Closing
1. Bring a good black pen & don't be late. :)
Offer Transaction Forms
Review or print all forms necessary to present a real estate
property purchase offer in New York through your licensed real estate
agent.
Agency
Disclosure
Offer / Binder
Lead Disclosure Statement
Buyer's Rights
Regarding Property Condition Disclosure
Helpful Links & Phone Numbers
Have even more unanswered questions? We provide additional
outside resources to guide you in your learning process.
Q
& A
Buyer Tips
Moving
Checklist
Moving with Kids
Moving
with Pets
Packing
Tips A-Z
After you Move
Change
of Address Form
National
Sex Offender Public Registry
Lead
Information
LIPA Long Island Power Authority: 1-800-490-0025
SCWA Suffolk County Water Authority: 631-582-2211
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