This is the third article discussing South Carolina Real Estate Agency Law. We will be discussing the three different types of agency in South Carolina.
The first type is single agency. This is when the Company only represents one client in the same transaction (either the buyer or the seller).
The second type is designated agency. In this case the buyer and the seller are represented by different real estate agents form the same Company. In this case the broker-in-charge may designate the agents to represent their respective clients. The designated agents have the obligatory duty to promote the best interests of their respective client, including the negotiating of an acceptable price. At the time of signing an agency agreement you will be asked to acknowledge that you would consider a designated agency situation should it occur. A designated agency form identifying the property will need to be signed by the buyer, seller, both real estate agents and the broker-in-charge if designated agency occurs.
The third type is disclosed dual agency. In this case the same agent represents both the buyer and seller in the same transaction. At the time of signing an agency agreement you will be asked to acknowledge that you would consider a disclosed dual agency situation should it occur. In a disclosed dual agency, the Company’s representation duties are limited because a buyer and seller have recognized conflicts of interest. Both clients’ interests are represented by the Company. As a disclosed dual agent, the Company and its associated licensees cannot advocate on behalf of one client over the other, and cannot disclose confidential client information concerning the price negotiations, terms, or factors motivating the buyer/client to buy or the seller/client to sell.Each Dual Agency Agreement contains the names of the buyers and the sellers, the real estate agent and identifies the property.
Remember as a real estate consumer in South Carolina, it is your choice as to the type and nature of service you receive. You can choose to remain a customer and represent yourself while the Company represents the other party, or you can choose to hire the Company for representation through a written agreement, or if represented by the Company, you can decide whether to go forward under the shared of dual agency or designated agency, or remain in single agency.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions. To look for homes anywhere in the tri-county area go to my website at http://www.charlestonscrealestateforsale.com/mls/
Sincerely,
"Carolina Joe" Idleman
http://www.charlestonscrealestateforsale.com
