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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:
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