Well I have thought about this long and hard, and sometimes when your gut says go for it you have no choice. So I am going to voice my views, my opinions, my advice, and anything else you as a community would like to know about, Real Estate or otherwise. If you would like to post community events, pictures, stories etc. just let me know and we will add it.
I often wonder if consumers really read and understand what they sign. Do tenants read the Lease agreement fully and understand it, do you read your mortgage document fully and understand it, do you read the listing agreement with your Real Estate agent and understand it. Point in question do you understand sub agency the part of the listing agreement that reads:
AGENCY
(For Agency definitions, please review the Disclosure Regarding Real Estate Relationships form.)
6. _____________ SUBAGENCY By initialing the line preceding this paragraph, I authorize you to offer subagency to the participants of the MLS. I realize that I could be liable for the misrepresentations, if any, of subagents. If I incur a loss as a result of misrepresentations of subagents, I may be entitled to bring legal action against responsible subagents for reimbursement of such loss. I agree with you that the compensation to a selling subagent in a transaction shall be ____________ percent (%) of the gross selling price or _________________ dollars
($).
Do Sellers initial this clause being fully aware of what they are doing, do they want to be liable for a misrepresentation, maybe because of line I may be entitle to bring legal action allows them to feel a bit better about this. But when we have Broker Agency
BROKER AGENCY By initialing the line preceding this paragraph, I authorize you to offer broker agency to the
participants of the MLS. As a general rule, those agents owe fiduciary duties to your agent and you. However, unlike seller agency/subagency, you are not vicariously liable for their conduct. I agree with you that the compensation to a selling brokers agent in a transaction shall be____________ percent (%) of the gross selling price or _________________ dollars ($).
So I wonder did you initial this part of the listing agreement and fully understand it, I hope so, but if by some chance you are not quite clear on this issue, perhaps you should talk to you Real Estate agent and have it clarified, or better still run it pass your lawyer.
Until tomorrow when I am not sure what other pet peeve I will have to question myself about and wonder does this bother other people as well.