JSOnline: New wording clarifies contracts - Relationship between Realtors, buyers is spelled out
A real estate purchaser now has a choice in how he or she would like to be represented in a real estate transaction.
Do you know the difference between a
customer and a
client?
Joanne Cleaver of JSOnline best describes both arrangements:
“A customer essentially represents himself, though he may work with an agent to buy a house. A client, though, is represented by an agent, an arrangement formalized by a contract.”
At the end of the day, I ask my buyers “Do want me to represent your best interests or the sellers?”
To learn more about how I am able to put your best interests ahead of all others, please check out my blog post titled "Benefits of Working with a Buyers Agent" or
click here to be redirected to this post.
In 2008, the State of Wisconsin Department of Regulation and Licensing will require agents and brokers to use the newest version of two of most commonly used real estate contracts the Wisconsin Residential Listing contract and the Buyer Agency/Tenant Representation Agreement.
The latest version will adapt the latest changes under the new real estate laws for buyer agency relationships.
According to Cleaver, “In Wisconsin, any agent can assist a buyer with a transaction, but unless the buyer has specifically signed a contract with an agent, the agent's loyalties are with the broker community and the seller of the house.”
The only exception to this rule occurs when a buyer signs the Buyer Agency/Tenant Representation Agreement.
Cleaver and local real estate agents explains how the latest changes in real estate practice affect the parties to a real estate transaction.
Click here to read more about how these changes impact the transaction>>>
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Labels: Real Estate
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