Buyer Agency in Tennessee
Coldwell Banker Real Estate Now has adopted a policy known as Designated Agency.
What does this mean to you?
In Tennessee, Buyer Agency is only created by law if the agency agreement is in writing. So when asked by one of our professionals if you want representation, just saying yes does not create that relationship. Disclosure of agency is to be given before any real estate services are provided. The actual representation agreement (Buyer Agency Form) must be signed, prior to the real estate transaction, in order for you to actually have a Buyer Agent. Otherwise by law the agent is considered a facilitator, representing no one.
Designated agency means that the agent you have signed a Buyer Agency Form with represents you to the exclusion of all other agents at Coldwell Banker Real Estate Now or any other company. This is important to remember as any discussion with other real estate agents, other then your actual Buyer's Agent, may not have your best interests at heart. Should the agent that is representing you in the transaction show and write a contract on his/her own listing, the agency status could change. Prior to writing the contract, the agent will provide you with a Confirmation and Consent Form, which will reinforce their discussion of changes in agency, or their current status.
To summarize the Tennessee state law in regard to real estate services:
Duties owed to all parties:
- Diligently exercise reasonable skill and care
- Disclose any adverse facts of which the agent has knowledge
- Maintain for each party confidentiality
- Provide services with honesty and good faith
- Disclose timely and accurate information re: market conditions when available and requested.
- Timely account for Trust Funds(Earnest Money) and keep in special account.
- Not engage in self dealing
- Not recommend any services in which the agent has any interest in or paid any fee without disclosure
Duties owed to licensee's client:
- Obey all lawful instructions within scope of agency
- Be loyal to the interest of the client
- Provide basic real estate services as outlined by law
In addition to Tennessee State Law, Coldwell Banker Real Estate Now is an all REALTOR organization. We are a member of the Tennessee Association of REALTORS, the National Association of REALTORS, the Central West Tennessee Association of REALTORS, and adhere to a strict CODE OF ETHICS.
The Tennessee Association of Realtors has come out with a consumer handout on Agency.
If you need more information on Agency and why it is in your best interests to be represented please feel free to discuss this in depth with your Coldwell Banker Real Estate Now professional.
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Jackson, TN 38305
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