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Agency Disclosure (Relationship) Information
Who Do Real Estate Agents Represent in a Real Estate Transaction?
Arkansas law requires every Real Estate Agent to clearly disclose to all parties in a real estate transaction which party(ies) he or she is representing. Real Estate Agents typically represent Sellers but can also represent Buyers as well as both Buyers and Sellers.
What Does It Mean to Represent a Seller?
A Real Estate Agent who enters into an agreement to sell property for an owner is known as the “Listing Agent” or “Agent for the Seller.” A Listing or Seller’s Agent represents the Seller in the transaction. That means that the Listing or Seller’s Agent’s primary duty is to protect and promote the interests of the Seller. As a Buyer not represented by a Real Estate Agent, you should keep any information that may place you at a disadvantage in negotiations confidential and undisclosed to the Seller or the Seller’s Agent since that Seller’s Agent has a duty to pass that information on to the Seller. Confidential information may include the Buyer’s real estate needs or motivations, the highest price the Buyer is willing to offer, negotiating strategies or tactics, or financial situation.
What Does It Mean to Represent a Buyer?
A Real Estate Agent who enters into an agreement to only represent the Buyer in a real estate trans- action is known as the “Buyer’s Agent.” A Buyer’s Agent represents the Buyer in the transaction. That means that the Buyer’s Agent may assist the Seller who is not represented in selling the property, or deal with the Seller’s Agent, but the Buyer’s Agent’s primary duty is to protect and promote the interests of the Buyer. As a Seller not represented by a Real Estate Agent, you should keep any information that may place you at a disadvantage in negotiations confidential and undisclosed to the Buyer or the Buyer’s Agent since that Buyer’s Agent has a duty to pass that information on to the Buyer. Confidential information may include the Seller’s reason or motivation for selling, the lowest price the Seller will accept, negotiating strategies or tactics, or financial situation.
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