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What do you know about Representation in the State of Texas??

Posted by OReilly and Associates in Dallas-Fort Worth-Arlington, TX on Mar 22, 2009

Pat O'Reilly Realtor and Real estate agent Serving Coppell and Irving

If you are going to buy or sale a home in the state of Texas you need to know the representation laws. The Realtor or Real Estate Agent can wear three hats. Which hat he has on determines how he acts. It determines what the role of the licensed agent is. It defines what “is” is!!!

Seller Hat

The Realtor represents the seller exclusively (has a signed agreement with the seller). The Information About Brokerage Services document states that “The broker becomes the owner’s agent by entering into an agreement with the owner. It goes on to state that a buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent MUST disclose to the owner any information known “to the Real Estate Agent. The Seller’s Agent duty is to work exclusively for the seller. Get the best deal for the seller. Disclose every bit of information they can dig up to better the seller’s position.

Buyers Hat

The Real Estate Agent represents the buyer exclusively ( has a written agreement with the buyer). The IABS states that the realtor that represents the buyer can assist the owner but does not represent the owner and MUST place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because the buyer’s agent MUST disclose to the buyer any material information known to the agent. Again dig up every bit of information to give to the buyer to better the buyer’s position.

Intermediary

The Realtor/Real Estate Agent may act as an intermediary if he obtains written consent of both parties. He must;

1) Treat all parties honestly

2) Not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner

3) Not disclose that the buyer will pay a price greater the price submitted in a writtenoffer unless authorized in writing by the buyer to do so

4) Not disclose any confidential information or any information that a party specially instructs the realtor in writing not to disclose unless if the information materially relates to the condition of the property.

Representation is a BIG thing. Do not go into an agreement without it!! It is too big a purchase to enter into blindly!! For more information on Agency in the State of Texas, go to www.patohomes.com or email me at pat@patohomes.com.

For information on homes for sale in Irving and Coppell and all mls listings in Dallas Fort Worth go to www.patohomes.com. Work with a Realtor who knows the area, the business and will treat you right!! Choose the Real Estate Agent that will treat you like a person and not just the next deal.Make the Right Move today with Pat O'Reilly.

Patohomes.com is your website for Coppell and Irving. Having lived, worked, walked the dog right here, I know the area and I know the Real Estate business. When you choose you Real Estate Agent WISELY!!