Realtors have traditionally represented the sellers who paid the entire brokerage fee from the proceeds from the sale. Many states now require all licensed real estate agents to provide their buyers and sellers with a written disclosure of agency or a declaration of whom they are representing in the transaction. New contracts have been developed to meet this new disclosure requirement.
The new regulations require that the agency disclosure be made at the first substantial contact between an agent and the consumer. An agent who is representing a buyer or seller must have a written agency agreement which includes a termination date, a fair housing statement, and an exact description of agency relationship.
Such disclosure requirements are good for the buyers, sellers and agents. A recent Federal Trade Commission poll found that 72% of buyers did not realize that their agent, in fact, represented the seller. The new disclosure requirement will clarify the real estate agent role, especially for buyers.
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Seger Realty, Inc.
1071 Jamestown Blvd.
Watkinsville, GA 30677