Representing Sellers
Most sellers of real estate choose to list their home for sale with a real estate brokerage. When they do so, they sign a listing agreement that authorizes the brokerage and the listing agent to represent their interests. As the seller’s agent, the brokerage and listing agent must: follow the seller’s lawful instructions, be loyal to the seller, promote the seller’s best interests, disclose material facts to the seller, maintain confidential information, act with reasonable skill and care, and account for any money they handle in the transaction. In rare circumstances a listing broker may offer “subagency” to other brokerages which would also represent the seller’s interests and owe the seller these same duties.
Representing Buyers
When purchasing real estate, buyers usually choose to work with a real estate agent as well. Often the buyers want to be represented in the transaction. This is referred to as buyer’s agency. A brokerage and agent that agree to represent a buyer’s interest in a transaction must: follow the buyer’s lawful instructions, be loyal to the buyer, promote the buyer’s best interests, disclose material facts to the buyer, maintain confidential information, and account for any money they handle in the transaction.
Dual Agency
Occasionally, the same agent and brokerage who represents the seller also represents the buyer. This is referred to as dual agency. When a brokerage and its agents become “dual agents”, they must maintain a neutral position in the transaction. They may not advocate the position of one client over the best interests of the other client, or disclose any confidential information to the other party without written consent.
Split/Designated Agency
On occasion, the buyer and seller will each be represented by two different agents from the same brokerage. In this case, the agents may each represent the best interest of their respective clients. Or, depending on company policy, the agents may both act as dual agents and remain neutral in the transaction. When either of the above occurs, the brokerage will be considered a dual agent. As a dual agent, the brokerage and its managers will maintain a neutral position and cannot advocate for the position of one client over another. The brokerage will also protect the confidential information of both parties.
Working with Sibcy Cline, Inc.
Sibcy Cline, Inc. does offer representation to both buyers and sellers. Therefore, the potential exists for one agent to represent a buyer who wishes to purchase property listed with another agent in our company. If this occurs each agent will represent their own client, but Sibcy Cline, Inc. and its managers/principal brokers will act as a dual agent. This means the brokerage and its managers/principal brokers will maintain a neutral position and not take any actions that will favor one side over the other. Sibcy Cline, Inc. will still supervise both agents to assure that their respective clients are being fully represented and will protect the parties’ confidential information. In the event that both the buyer and seller are represented by the same agent, that agent and Sibcy Cline, Inc. will act as a dual agent but only if both parties agree. As a dual agent they will treat both parties honestly, prepare and present offers at the direction of the parties, and help the parties fulfill the terms of any contract. They will not, however, disclose any confidential information that would place one party at an advantage over the other or advocate or negotiate to the detriment of either party. If dual agency occurs you will be asked to consent to that in writing. If you do not agree to your agent acting as a dual agent, you can ask that another agent in our company be assigned to represent you or you can seek representation from another brokerage.
As a buyer you may also choose to represent yourself on properties Sibcy Cline, Inc. has listed. In that instance Sibcy Cline, Inc. will represent the seller and you would represent your own best interests. Because the listing agent has a duty of full disclosure to the seller, you should not share any information with the listing agent that you would not want the seller to know.
Working with Other Brokerages
When Sibcy Cline, Inc. lists property for sale, it may cooperate with other brokerages that represent buyers, as well as negotiate buyers’ broker compensation via concessions agreed to in the listing or purchase contract. All offers of compensation are negotiable. Sibcy Cline, Inc. does reserve the right to vary the compensation offered to other brokerages in accordance with the seller’s instructions. As a seller, you should understand that even when you agree to offer compensation to the brokerage representing the buyer, it does not mean that you will be represented by that brokerage. Instead that company will be looking out for the buyer and Sibcy Cline, Inc. will be representing your interests.
When acting as a buyer’s agent, Sibcy Cline, Inc. also accepts compensation offered by the seller or listing broker. If the property is not listed with any broker, or the listing broker does not offer compensation, we will attempt to negotiate for a seller-paid fee at the buyer’s direction.
Fair Housing Statement
It is illegal, pursuant to the Fair Housing Law in Ohio, Kentucky and Indiana and the Federal Fair Housing Law, 42 U.S.C.A. 3601, as amended, to refuse to sell, transfer, assign, rent, lease, sublease or finance housing accommodations, refuse to negotiate for the sale or rental of housing accommodations, or otherwise deny or make unavailable housing accommodations because of race, color, religion, sex, familial status, disability as defined in that section, or national origin (and ancestry or military status in Ohio, and sexual orientation or gender identity in some local communities) or to so discriminate in advertising the sale or rental of housing, in the financing of housing, or in the provision of real estate brokerage services. It is also illegal, for profit, to induce or attempt to induce a person to sell or rent a dwelling by representations regarding the entry into the neighborhood of a person or persons belonging to one of the protected classes.