Today, many states have enacted laws to help protect and educate buyers. A Long Island real estate agent is required to disclose for whom they work. The disclosure may take place at your first face-to-face meeting, during a phone call, or by e-mail, but it should always be made before a Long Island real estate agent asks for specific information about your needs.
Long Island Real Estate Agent Disclosure Terms
A Long Island real estate agent working for the real estate firm the seller has employed to sell property. In a Multiple Listing situation, all offices work to sell each others listings, so even if another firm holds the actual contract, all real estate agents are sub agents for the seller.
- A seller’s agent may ask you to sign a statement that verifies she disclosed her agency status to you. It is not a contract, simply a disclosure.
- Buyers should not disclose confidential information to a seller’s agent.
A Long Island real estate agent who has signed an agreement to work in the best interests of a buyer.
- The agreement is a contract, and by signing it you are (usually) committing to work exclusively with that agent.
- Agreements can remain in force for any period of time you both agree to, even as little as one day.
- A Buyer Agency Agreement doesn’t necessarily mean you must pay a fee to the agent. They are usually paid a portion of the seller’s commission fees at closing. However, a contract may state you will pay the agent a fee if you purchase a For Sale By Owner home, so discuss that scenario with your agent before signing.
Dual agency occurs when a Buyer’s Agent shows the client a listing held by her own real estate firm.
- It’s more difficult to handle dual agency, since the agent has responsibilities to both parties.
- Dual agency must typically be disclosed to the buyer and seller in advance, and both must agree to it in writing.
What Should You Do?
We simply recommend that you take as much care to hire a Long Island real estate agent as you would for any other professional. Ask questions. Ask about education, experience, and focus.
After all, buying your next house is probably the biggest purchase you’ll make in your life. Does it make more sense to find your agent by accident…or by design? Look for a Long Island real estate agent who will represent ONLY your best interest in the transaction! Call or Contact Ira Freireich when you’re ready to buy your next home in the Long Island area and know you have an exclusive buyer’s agent who will represent only your best interest.