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Agency Information

 


NOTICE TO PROSPECTIVE BUYERS / SELLERS / LESSORS / LESSEES

YOU SHOULD KNOW THAT:
Arkansas law requires real estate agents to clearly disclose to all parties in a real estate transaction which party(s) he or she is representing. Real Estate Agents typically represent Seller but can also represent Buyers as well as both Buyers and Sellers. Information about the different types of real estate representation practiced in Arkansas is listed below. You may be asked to sign an Agency Representation Disclosure Form to confirm the Real Estate Agent identified on the form disclosed to you before you signed any document related to the transaction who he or she is representing in a real estate transaction.

What Does It Mean To Represent A Seller?
A real estate agent who enters into an agreement to sell property for an owner is known as the "Listing Agent" or "Agent for the Seller." A Listing or Seller's Agent represents the Sellers in the transaction. That means that the Listing or Seller's Agent may assist the Buyer who is not represented in purchasing the property, but the Listing or Seller's Agent's primary duty is to protect and promote the interests of the Seller. As a Buyer not represented by a Real Estate Agent you should keep any information that may place you at a disadvantage in negations confidential and undisclosed to the Seller or the Seller's Agent since that Seller's Agent has a duty to pass that information on to the Seller. Confidential information may include the Buyer's real estate needs or motivations, the highest price the Buyer is willing to offer, negotiating strategies or tactics, or financial situation.

What Does It Mean to Represent A Buyer?
A real estate agent who enters into an agreement to only represent the Buyer in a real estate transaction is know as the "Buyer's Agent." A Buyer's Agent represents the Buyer in the transaction. That means that the Buyer's Agent may assist the Seller who is not represented in selling the property, or deal with the Seller's Agent, but the Buyer's Agent's primary duty is to protect and promote the interests of they Buyer. As a Seller not represented by a Real Estate Agent you should keep any information that may place you at a disadvantage in negotiations confidential and undisclosed to the Buyer or the Buyer's Agent since that Buyer's Agent has a duty to pass that information on to the Buyer. Confidential information may include the Seller's reason or motivation for selling, the lowest price the Seller will accept, negotiating strategies or tactics, or financial situation.

What Does It Mean to Represent Both Seller and Buyer?
A Real Estate Agent who enters into an agreement to represent the Seller and also enters into an agreement to represent the Buyer in the same transaction is known as a "Dual Agent." A Dual Agency most frequently occurs when a Real Estate Agent or Agents within the same real estate firm represent both Seller and Buyer in the same transaction. Both Seller and Buyer must have given their written consent to such dual representation prior to or at the time of execution of any Agency Agreement, Listing Agreement, or Real Estate Contract. Both Seller and Buyer should be aware that a possible conflict of interest may exist in this type of representation. A Dual Agent limits the duties described above in representing the Seller and Buyer by written agreements found in the Agency Agreement, Listing Agreement, or Real Estate Contract. For instance, when representing both Seller and Buyer the Dual Agent would not disclose to one party confidential information obtained from the other party.

YOU CAN, IF YOU FEEL IT NECESSARY, OBTAIN AGENCY REPRESENTATION OF A LAWYER OR REAL ESTATE BROKER, OR BOTH. IF YOU CHOOSE TO HAVE A REAL ESTATE BROKER REPRESENT YOU, YOU SHOULD:

  • Enter into a written contract that clearly establishes the obligations of both parties.

  • Specify how your agent will be compensated.