These days real estate is challenging. There are new real estate laws hitting us almost daily with more to come, new financing terms, and when there are many players all involved in the same transaction, it is a maze that sellers and buyers walk through.  As a knowledgeable, experienced and educated REALTOR® I know market conditions, financing, and I keep tabs on all the new laws and regulations to assist you.https://lakeoswegorealestateblog.wordpress.com/

BUYING LAKE OSWEGO REAL ESTATE

Now you’ve decided to buy a house. Do you become a customer or a client? You might think both words mean the same and are interchangeable.  However, when it comes to representation in a real estate transaction, there are different types of relationships that we as REALTORS® are able to provide.

The short and simple version is that it comes down to the type of agency relationship you have with your real estate agent/brokerage and whether there has been disclosure and a signed agreement.   There are other types of agency relationships, but I am only including the basic and most common types here.

The National Association of REALTORS® Code of Ethics requires all REALTORS® disclose whether they represent the buyer, the seller, or both parties. Laws governing the method and timing of the disclosure can vary in each state.

REAL ESTATE AGENCY DISCLOSURE

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There are several ways, as a buyer or seller, in which you become a client of a real estate agent/brokerage.  Most have to do with the type of agency agreement you have entered into with your REALTOR® which dictates the kind of representation you will receive in a transaction.  Laws and relationships vary state-by-state.  There are other types of agency relationships, but I am writing this post based on the most typical scenarios in Oregon:

  • Seller’s agent or listing agent. A seller’s representative is hired by and represents the best interests of a seller. The relationship usually is created by a signed listing contract or listing agreement.  The agent/brokerage represents the seller only.
  • Buyer’s  agent.This type of real estate agent is hired by prospective buyers to represent them in a real estate transaction. A buyer’s rep (more commonly called a buyer’s agent) works in the buyers’ best interest throughout the transaction. The buyers can pay the agent directly through a negotiated fee, or the buyers’ agent may be paid by the seller or by a commission split with another agent, i.e. the listing broker.  In Oregon, we have a Buyer Broker agreement, similar to a listing agreement where we  “list” you as a buyer and you then become a client.  Our agency relationship and representation is spelled out in the Buyer Broker Agreement and must be signed by all parties.  That agent then represents the buyer only.
  • Dual agent. Dual agency relationships occur not only when one agent represents two parties but also when two agents from the same company represent two parties in the transaction. Dual agency is not allowed in some states, but where permitted, it must be disclosed to both buyer and seller, who must both sign a consent to a dual agency relationship. It is legal here in Oregon. Sample_Initial_Agency_Disclosure_Pamphlet. In another post I will write more about dual agency.

CUSTOMER

  • There is no agency contract, agreement or representation owed by an agent to a customer nor is there any obligation by the customer to the agent.  No buyer broker agreements or listing agreements are signed and executed.  There is no representation to a customer in a real estate transaction and the agent is not under any obligation to provide that representation to you.

As stated, since this post is based on Oregon rules and regulations, they can vary from state-to-state.  If you want full representation in all real estate related transactions, become a client rather than a customer of a REALTOR® and their brokerage in Oregon.

For any further assistance regarding disclosure or questions, please consult with a Real Estate Attorney.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

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