Henri Martin Real Estate

Bristol, Farmington, Burlington, Southington,
 Plymouth and Plainville
Real Estate
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531 Broad St., Bristol, CT.  06010  Phone:  860-589-0101

 

 


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A: An agency relationship is defined under the common law as follows:

1. Agency is the fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act on their behalf.
2. The one for whom action is taken is the principal.
3. The one who is to act is the agent.

SIMPLY STATED: An agency relationship is created when the principal (either a buyer or seller) allows the agent to act on their behalf.


Q: What is a "Fiduciary"?
A: Fiduciary duties are the highest duties known to the law. Classic examples of fiduciaries are trustees, executors, and guardians. As a fiduciary, a real estate broker will be held under the law to owe certain specific duties to their principal, in addition to any duties or obligations set forth in a listing agreement or other contract of employment (such as a buyer agency agreement).


SIMPLY STATED: An Exclusive Buyer's Agent has a "fiduciary duty" to their principal (the buyer) to act in their best interests. Likewise, an Exclusive Listing Agent has a “fiduciary duty" to their principal (the seller) to act in their best interests.


Q: What is the difference between dealing a “customer” and a “client”?
A:  There is a distinction between the level of service an agent provides to a client and those services that the agent provides to a customer. The client is the principal to whom the agent gives advice and counsel.  The agent is entrusted with certain confidential information and has fiduciary responsibilities to the principal.  In contrast, the customer is entitled to factual information and fair and honest dealings as a consumer but does not receive advice and counsel or confidential information about the principal.


Q: What is "Dual Agency"?
A: Buyers and sellers of real estate are deemed by law to compete with one another and to have adverse interests. Accordingly, a real estate broker who acts as an agent for both a buyer and a seller in the same real estate transaction is a dual agent. A real estate broker who acts for both the buyer and the seller and does not clearly disclose his status to both parties and receive their informed consent to the arrangement is an undisclosed dual agent.


Q: Does Henri Martin Real Estate work under contract?
A: Yes. To avoid any misunderstandings on the “Agency Relationship”, Henri Martin Real Estate requires the buyer to sign a standard "Buyers Agency" contract and the seller to sign a standard “Listing Agreement” contract.

Q: What type of agency relationship does Henri Martin Real Estate have?
A: Connecticut requires that an agency relationship be selected by a Buyer or Seller prior to a licensed agent representing anyone in a real estate transaction. In our office, we are a Seller Agent, Buyer Agent, Dual Agent or Designated Agent.
 
Q: Does Henri Martin Real Estate CHARGE buyers directly?
A:. Although technically you are hiring the buyer agent, the compensation can and usually does come from the transaction. However, the buyer can pay the licensee directly through a negotiated service fee.

Q: All I want is someone to represent me, why is it so complicated?
A: It's really not complicated. A listing agent, and any agent that works for that company, represents the seller because of the contractual listing agreement. They owe their loyalty to the seller and are required by the Agency Relationship to get the best deal for the seller. The listing agent is obligated to get the seller the highest price and terms that benefit the seller not the buyer. They are hired to use salesmanship to press the sale of a particular property by selling on the good points only.

 On the other hand, the buyer agent, and any agent that works for that company, represents the buyer because of the contractual buyer representation agreement. The buyer’s agent has an obligation to work on the buyers behalf, owes their loyalty to the buyer and is required by the Agency Relationship to get the best deal for the buyer. The buyer's agent works exclusively for the buyer and is obligated to get the buyer the best lowest price and terms that benefit the buyer not the seller. The negotiating process may include price, closing costs, time of possession, repairs, etc..

 

 

 

 

 

 

 

 

 

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