An Alabama purchasing agency agreement exists between a client and a real estate agent who agrees to represent them when in contact with other parties to acquire real estate. The broker`s objective is to find real estate to the buyer`s satisfaction, negotiate a better selling price and recover their compensation in the form of a commission at closing. When the property acquired by the buyer is listed on the list of another representative, the buyer`s representative usually distributes the commission, as indicated in the agreement reached by the stock exchange operator with the seller. all real estate licensees who disclose the different ways to represent a consumer as soon as possible by an agency. This should be done during a first contact between the agent and the consumer. However, in many cases this was not done until later in the relationship and, by then, the damage could already be present. I do not know if some officers are afraid to disclose this information or just know that they understand well enough to explain to other people. In both cases, non-disclosure can seriously harm the consumer. (8) DUALE AGENCY. An agency relationship in which the same brokerage company represents both the seller and the buyer in the same real estate transaction. Among the circumstances that create an agency alternately, there is one of the following conditions: (1) AGENCY AGREEMENT. A written agreement between a broker and a client that creates a fiduciary relationship between the broker and a client commonly known as a client. For many years, consumers who buy real estate have been asking the question: “Who represents us and who represents the seller?” The National Association of Realtors interviewed thousands of buyers and sellers to determine their satisfaction with a broker`s representation.
By far, buyers are the most dissatisfied, because it seems that everyone represents the seller and that no one wants to represent the buyer. Representation cannot be imposed at the national level because of the deviance of national laws. As my job is to educate people through real estate, especially in Alabama, and as I live and work in Alabama, this article will be specific to our state. An agency must be set up before there can be a relationship between the broker and the consumer. This requires documentation signed by the broker or a licensed agent for the broker and the consumer. I like to think that an agency contract is an employment contract. This agreement defines the parameters of the relationship during the duration of the contract. Alabama License Law, Rule 790-X-3-.13 provides a full explanation of this process. So the next time you meet someone who is interested in buying or selling, forget to list the property or forget to get a contract through a buying agency.
Focus on a quality conversation and build a strong relationship, and the agency will be done automatically.