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SOUTH CAROLINA AGENCY LAWS IN REAL ESTATE TRANSACTIONS
Buying a Home Requires Many Difficult Decisions. Make Sure Your real estate agents are Top Local Experts with the ability to form Accredited Buyer Representative relationships with you. Below you will find the most up to date forms issued by the state of SC (recently updated in 2017).
Before you look and
Before you BUY
Before purchasing property in South Carolina, buyers should be aware of and consider some important information: the importance of establishing an Agency Relationship with a real estate Company. The type of Agency relationship you choose determines the breadth of advice, services and thus, protection you receive as a buyer.
This information is compiled for you in the hopes that your South Carolina lakefront property buying experience will be much more profitable, enjoyable, and calm.
Understand Agency Relationships in South Carolina
The SC Real Estate License Law, in section 40-57-139 (A) (1) and (2), requires a licensed real estate professional to provide you with the Agency Law brochure and a meaningful explanation of agency relationships offered by the licensed realtor's company. Ideally, this is done at the first practical opportunity when you and Points to Ponder...
In 2004, 64% of buyers who bought a home through an agent used a buyer's representative to purchase their home.
Rremember, agents work for clients and with customers.
(Source: REBAC, Inc.)
the licensed realtor have substantive contact.
A real estate company and its licensed realtors can provide buyers and sellers valuable real estate services, whether in the form of basic customer services or through client-level agency representation. The services you can expect will depend upon the legal relationship you establish with the Company. It is extremely important for you to discuss the following information with the real estate professional you select and then, decide if your business relationship will be as a Customer or a Client.
An initial contact with a licensed realtor automatically establishes a customer-level relationship with the real estate company. South Carolina license law defines customers as buyers or sellers who choose NOT to establish an agency relationship.
By law, the licensed realtor is required to perform the following basic services when dealing with buyers (or sellers) as customers:
- Present all offers in a timely manner
- Account for money or other property received on your behalf
- Provide an explanation of the scope of services to be provided
- Be fair and honest and provide accurate information
- Disclose “adverse material facts” about the property or the transaction which are within the licensee’s knowledge
Until you choose to enter into a written agreement with the Company for agency representation, you are considered a Customer of the company and the company CANNOT act as your advocate, advise you on prices or terms, and cannot keep your information secure. As a Customer, you should NOT expect the Company or its licensed realtors to act in your best interest or to keep your bargaining information confidential.
As a Customer, you are not required to sign a written agreement; you are not committed to the Agent or Company in any way.
The benefits of becoming a Client of a real estate brokerage firm:
More services are provided to Clients than customers. If client status is offered by the real estate Company, you can become a client by entering into a written agency agreement requiring the Company and its licensed realtors to act as an agent on your behalf and promote your best interests.
A seller becomes a client of a real estate Company by signing a formal listing agreement with the Company. For a seller to become a client, the agreement must clearly establish in writing the terms of the agreement and the obligations of both the seller and the Company which becomes the agent for the seller.
A buyer becomes a client of a real estate Company by signing a formal buyer agency agreement with the Company. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the Company which becomes the agent for the buyer.
If you enter into a written agency agreement as a Client you can expect the real estate Company to provide the following client-level services:
-Reasonable care and skill
-Assistance with negotiations
The choice of services belongs to you!
NOW THAT YOU UNDERSTAND AGENCY RELATIONSHIP IN SOUTH CAROLINA
...we highly recommended that you become a Client and hire a Buyer’s Agent to represent YOU! There are several on our team! Call 1-866-BIG-VIEW today!
More Information about our Services
Your home is probably the biggest purchase your family will ever make, and it involves many decisions that go beyond simply choosing one you like.
As top Lake Hartwell, Lake Keowee and Seneca area real estate agents, here is how we will guide you through the entire process, from viewing homes and financing, to making sure the final contract is in your best interest:
- You will have full access to ALL homes available on the Lake Hartwell, Lake Keowee and Seneca market, even listings not yet on the MLS, through our professional South Carolina real estate affiliations.
- Our expert local knowledge of the Lake Hartwell, Lake Keowee and Seneca area should be invaluable to you, not just in terms of real estate, but also schools, neighborhoods, the local economy, and more.
- Every local real estate market absolutely has its own trends and opportunities. This can vary greatly, even one neighborhood to the next. Lake Hartwell, Lake Keowee and Seneca is no different! It's our job to steer you into opportunities and out of traps.
- What is the true market value of the home you are interested in? Is it priced too high? Is it a bargain that you should jump on? We help home buyers make decisions like this every day, and we'll make sure that YOU get the best value for your money.
- Negotiating with sellers can be stressful. We will help you negotiate, so that the final contract includes your best possible terms and conditions.
- You should know absolutely everything about the property you are buying! You and a member or my team or I will view every home that you are interested in, together. And prior to closing we will make you fully aware of any and all inspections available to you.
- Have confidence when signing documents. Contracts are full of complicated terms and clauses that can greatly affect your future life in your new home. We will give you the full benefit of our real estate knowledge and experience.
Let us represent your best interests in your search for a new home in the Lake Hartwell, Lake Keowee and Seneca area. While you can see a million homes on the web, actually buying your home is another matter entirely. Buyers beware!
Ask us any question about buying a home in Lake Hartwell, Lake Keowee and Seneca. It's our job to help you! There's no obligation, and we promise to respond quickly...