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AGENCY
and what it means...
NY
State Law mandates the determination of agency representation at initial
consultation. Please take the time to review and understand this disclosure
before discussing any confidential information with an agent.
Seller's Agent
- A real estate professional becomes a Seller's Agent by entering into
a listing agreement to represent the seller's interests. Seller representation
may also be created when a real estate professional shows a property
on the Multiple Listing Service and "buyer agency" has not
been created. The Seller's Agent can provide information to assist the
buyer, but they must place the interests of the seller first.
A buyer should not disclose anything to the Seller's Agent they do not
want the seller to know.
If you are interested in selling or leasing real property, you can engage
a real estate agent as a seller's agent. A seller's agent, including
a listing agent under a listing agreement with the seller, acts solely
on behalf of the seller. You can authorize a seller's or landlord's
agent to do other things including hire subagents, broker's agents or
work with other agents such as buyer's agents on a cooperative basis.
A subagent, is one who has agreed to work with the seller's agent, often
through a multiple listing service. A subagent may work in a different
real estate office.
A seller's agent has, without limitation, the following fiduciary duties
to the seller: reasonable care, undivided loyalty, confidentiality,
full disclosure, obedience and a duty to account. The obligations of
a seller's agent are also subject to any specific provisions set forth
in an agreement between the agent and the seller.
In dealings with the buyer, a seller's agent should (a) exercise reasonable
skill and care in performance of the agent's duties; (b) deal honestly,
fairly and in good faith; and (c) disclose all facts known to the agent
materially affecting the value or desirability of property, except as
otherwise provided by law.
Buyer's Agent - A real estate professional
becomes the Buyer's Agent by entering into an agreement to represent
the buyer. A Buyer's Agent can assist the seller, but does not represent
the seller. The Buyer's Agent must place the interests of the buyer
first. A seller should not tell the Buyer's Agent anything they would
not want the buyer to know, because the Buyer's Agent must disclose
any pertinent information to the buyer.
If you are interested in buying or leasing real property, you can engage
a real estate agent as a buyer's or tenant's agent. A buyer's agent
acts solely on behalf of the buyer. You can authorize a buyer's agent
to do other things including hire subagents, broker's agents or work
with other agents such as seller's agents on a cooperative basis.
A buyer's agent has, without limitation, the following fiduciary duties
to the buyer: reasonable care, undivided loyalty, confidentiality, full
disclosure, obedience and a duty to account. The obligations of a buyer's
agent are also subject to any specific provisions set forth in an agreement
between the agent and the buyer.
In dealings with the seller, a buyer's agent should (a) exercise reasonable
skill and care in performance of the agent's duties; (b) deal honestly,
fairly and in good faith; and (c) disclose all facts known to the agent
materially affecting the buyer's ability and/or willingness to perform
a contract to acquire seller's property that are not inconsistent with
the agent's fiduciary duties to the buyer.
Dual Agent - Dual agency occurs when a real estate professional
represents both the seller and the buyer. It can also occur when the
Listing or Seller's Agent works for the same real estate firm as the
Buyer's Agent. In most states, the buyer, the seller, and the Agent
must agree in writing for the creation of dual agency. The Dual Agent
is required to treat the buyer and seller honestly and impartially.
In dual agency, the professional's duties are more limited and there
is potential for conflict of interest. You may hear the terms "transaction
broker" and "intermediary" in association with dual agency.
For instance, if the agent shows a buyer that is being represented,
a home that is listed with that brokerage.
A real estate agent acting directly or through an associated licensee,
can be the agent of both the seller/landlord and the buyer/tenant in
a transaction, but only with the knowledge and informed consent, in
writing, of both the seller/landlord and the buyer/tenant. In such a
dual agency situation, the agent will not be able to provide the full
range of fiduciary duties to the buyer/tenant and seller/landlord.
The obligations of an agent are also subject to any specific provisions
set forth in an agreement between the agent and the buyer/tenant and
seller/landlord. An agent acting as a dual agent must explain carefully
to both the buyer/tenant and seller/landlord that the agent is acting
for the other party as well. The agent should also explain the possible
effects of dual representation, including that by consenting to the
dual agency relationship the buyer/tenant and seller/landlord are giving
up their right to undivided loyalty.
A BUYER/TENANT OR SELLER/LANDLORD SHOULD CAREFULLY CONSIDER THE POSSIBLE
CONSEQUENCES OF A DUAL AGENCY RELATIONSHIP BEFORE AGREEING TO SUCH REPRESENTATION.
Broker's Agent - As part of your
negotiations with a real estate agent, you may authorize your agent
to engage other agents whether you are a buyer/tenant or seller/landlord.
As a general rule, those agents owe fiduciary duties to your agent and
to you. You are not vicariously liable for their conduct.
General Considerations - You should
carefully read all agreements to ensure that they adequately express
your understanding of the transaction. A real estate agent is a person
qualified to advise about real estate. If legal, tax or other advice
is desired, consult a competent professional in that field.
Throughout the transaction you may receive more than one disclosure
form. The law requires that each agent assisting in the transaction
to present you with this disclosure form. You should read its contents
each time it is presented to you, considering the relationship between
you and the real estate agent in your specific transaction.
The Selling Process on Long
Island
Most first time home buyers or buyers that bought 10-20 years ago
are confused on the progression of events that take place. Told only
on an as needed basis, they are caught off guard with unexpected costs,
and time frames for the purchase. E Realty Group wants to take
the frustration out of the equation by informing you of the selling
process in our local area.
To
Start
1. Realtor Consultation:
A. Determine your motivation.
B. Contact us to review your home, concerns & expectations.
Getting Started
C. Determine your home's value through a home evaluation and Realtor
preview. CMA
D. Determine the best marketing agenda that suits your needs.
2.
Prepare Your Home:
A.
Do repairs that you are capable of.
B. Remove all clutter from living spaces.
C. Do major spring cleaning.
D. Neutralize wall colors.
E. Arrange furniture to showcase the home.
3. Prepare Your Family.
A. Let everyone know the importance of keeping the house clean.
B. Pass on all information about the new school system to the children
involved.
C. Reinforce the positive aspects of moving.
D. Let everyone in the family know that it will be a team effort and
try to keep everyone informed as the process moves along.
4.
Find any C/O's, surveys, floor plans, covenants, restrictions and or
violations on the home and make copies.
Listing Your Home
1. Realtor Consultation:
A. Fill out forms necessary to retain your listing.
B. Give copies of any C/O's, surveys, floor plans, covenants, restrictions
and or violations on the home to your Realtor.
C. Provide any special scheduling instructions or contact information
to your Realtor. 2. Research and retain a Real Estate Attorney for the
sale of your home. Inform your Realtor.
Showing
Your Home
1. Let your home be accessible as possible.
2. Require the agent's business card at the door.
3. Let the agent sell your home for you.
4. Research and retain a Real Estate Attorney for the sale of your home.
Inform your Realtor.
Negotiating an Offer
1. Preliminary Offer Presentation:
A. The offer is presented
B. Review all terms and conditions with your Realtor
C. Discuss strategies with your Realtor
2. Forms needed:
A. Property Condition Disclosure
B. Property Condition Disclosure Statement
C. Lead Disclosure (if applicable)
D. Receipt of offer (if applicable)
E. No More Showings Statement (if applicable) 3. Your Realtor will contact
the mortgage representative to verify qualification of the buyer or
verify liquid funds
3. Your Realtor will negotiate your offer with your constant consultation
to procure an accepted offer.
Accepting an Offer
1. At this time you are willing to accept a buyer's offer. This means:
A. You can still show the home.
B. You can still market the home.
C. Someone else can make a better offer.
D. You can accept another offer.
E. You can rescind the acceptance of an offer.
2. The buyer will perform an engineer's report on your home that they
pay for.
A. Schedule the home inspection (engineer's report) through your Realtor
ASAP.
B. Your Realtor should be present at the home inspection. This is the
last time you will see the buyers before closing.
D. The engineer will review the findings with their buyer. 3. Renegotiate
only if unexpected costly repairs are needed or information has been
withheld.
Contracts
1. Your Realtor will notify your attorney and the buyer's of the accepted
offer and submit all information related to the transaction.
2. Your attorney will write the contracts and send them to the buyer's
attorney.
3. When the contracts have been received, the buyer's will be contacted
by their attorney and scheduled to sign them.
4. Their attorney will review and have them sign the contracts.
A. A Portion of their down payment is due (contract deposit)
B. Their attorney will then send the contracts back to your attorney.
5. You sign the contract.
Under
Contract
1. At this time you and the buyer(s) are bound to the terms of the contract.
2. Their attorney will:
A. Contact and send a copy of the contracts to the buyer's mortgage
representative.
B. Order a title report on the property.
3. An appraisal will be done on the property coordinated through your
Realtor, the selling agent, the buyer and bank appraiser.
4. A termite inspection will be done on the property (if not done during
the home inspection) coordinated through you, your Realtor, the selling
agent, the buyer and termite inspector.
5. When the title report is free and clear of any liens and property
discrepancies, the mortgage commitment will be given.
6. The buyer will need to obtain home owner's insurance for the year.
7. A Closing Date will be coordinated through both attorneys, the buyer
and You. Notify your Realtor of place, date and time.
8. The transfer of utilities and final walk-through will be done on
the property, coordinated through you, your Realtor, the selling agent
and the buyer.
The Closing
1. Bring a good black pen & don't be late. :)
What
e Realty Group Can Do For You as Your Listing Broker!
At e Realty Group we are assertive, honest & determined on providing
our clients with an excellent level of professionalism. It is
our goal to keep the personal touch present in our code of business
while never sacrificing service & salesmanship. The sale of a home
is usually the largest decision of a lifetime. Make the choice
of brokerage just as important.
What
Realtors Do:
People
often wonder what agents actually do, and when asked they think we just
drive around showing homes or holding open houses. Actually, that only
accounts for about 15% of the job. As Professional Realtors, our duties
include but are not limited to:
• Constantly coordinating Appointments.
• Constantly coordinating advertising & creating detailed
descriptions.
• Constantly replying to Property Inquiries.
• Researching, identifying and emphasizing the most pertinent
selling points to an individual home.
• Researching the state of the market.
• Constantly analyzing properties for sale in our area.
• Constantly accruing feedback from showings.
• We may meet several times with prospective buyers to discuss
and visit available properties.
• We may help to arrange favorable financing from a lender for
prospective buyers; often, this makes the difference between success
and failure in closing a sale.
• Act as intermediaries in price negotiations between buyers and
sellers.
• While loan officers, attorneys, or other persons handle many
details, we always ensure that they are carried out.
• Accrue educational credits for our licenses to remain in effect
and expand our knowledge.
E
Realty Group Menu of Services for Sellers:
Call
us for consultation, we will be happy to help you with any questions you
may have.
• Expert Representation & Guidance
• Agent Accessibility
• Personalized Home Preparation Consultation
• Scheduled Showings & Updates
• Custom Home Brochures
• Multiple Listing Service : Access to All Participating
Brokers
• Broker Open Houses
• Public Open Houses
• Digital Photography & Uploading
• Virtual Tours & Uploading
• Negotiation, Transaction & Closing Coordination
• Provide Updates of the Process as they occur
• Preventative Foreclosure Solutions
Accessibility
With expert representation & guidance we constantly
keep our clients up to date on the process as it occurs. e Realty agents
attend Engineer Reports, Termite Inspections, Appraisals and Closings.
We are accessible by cell phones, office lines, voicemail pagers, fax
machines and emails. We get back to you as soon as possible. When we
say this, we mean it, ask our previous clients or try it yourself. 631-441-4141
Pricing Your
Home - Zillo.com doesn't count.
Most homeowners initially start their own pricing by going
to open houses and comparing their house to the subject property. This
is unfortunately sets an unrealistic standard. The truth is, the homes
they are viewing have not been sold, and by basing a price on these
numbers usually puts them outside the range in which a buyer will purchase
their home. A home ultimately is worth what someone will pay for it.
Everything else is an estimate of value. The best way to determine a
property's value is by letting an experienced Realtor provide a
comparative
market analysis or hiring a licensed appraiser familiar with
your area.
Offer Transaction Forms
Review or print all forms necessary for a real estate property
purchase in New York through your licensed real estate agent.
Agency
Disclosure
Lead
Disclosure Statement
Obligations
Regarding Property Condition Disclosure
Property
Condition Disclosure Statement
Helpful Links & Phone Numbers
Have even more unanswered questions? We provide additional
outside resources to guide you in your learning process.
Q
& A
Seller Tips
Moving
Checklist
Moving with Kids
Moving
with Pets
Packing
Tips A-Z
After you Move
Change
of Address Form
LIPA Long Island Power Authority: 1-800-490-0025
SCWA Suffolk County Water Authority: 631-582-2211
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