If you plan to buy or sell a home in the state of Texas, you must know the laws on representation. The real estate agent or the real estate agent can wear three hats. What hat he has on how he acts. It determines the role of the licensed agent. He defines what "is" is!
The real estate agent represents the seller exclusively (has an agreement signed with the seller). The document "Brokerage Services Information" states that "the broker becomes the agent of the owner by entering into an agreement with the owner.It then states that a buyer should not tell the agent anything of the owner, but that the buyer wishes it does not wish the landlord to know, as his agent MUST disclose to the landlord any information known to the "real estate agent." The seller&39;s agent is exclusively In charge of working for the seller Get the best deal for the seller Disclose all the information they have to improve the position of the seller.
The real estate agent represents the buyer exclusively (has a written agreement with the buyer). The IABS indicates that the real estate agent who represents the buyer may assist the owner, but does not represent the owner and MUST place the interests of the buyer first. The owner should not tell the agent of the buyer that he does not want the buyer to know, because the agent of the buyer MUST disclose to the buyer. Buyer any important information known to the agent. Again, gather all the information to give the buyer to improve his position.
The real estate agent / real estate agent can act as an intermediary if he obtains the written consent of both parties. He must;
1) Treat all parties honestly
2) Do not disclose that the owner will accept a lower price than the asking price unless authorized in writing.
3) Not to disclose that the buyer will pay a price higher than the price indicated in a written offer, unless authorized in writing.
4) Do not disclose confidential information or information that a party specifically directs the real estate agent, in writing, not to disclose unless the information materially concerns the condition of ownership.
Representation is a big thing. Do not get into a real estate deal without it! It is too big a purchase to be able to participate blindly!