Can a Realtor represent buyer and seller in SC?

In South Carolina a real estate agent may be hired by either the seller or the buyer. As of January, 2017 SC real estate agents may also act as just a “transactional” salesman by having a customer relationship with the buyer without defaulting to a seller representation relationship.

Can a Realtor represent both buyer and seller in South Carolina?

Dual Agency calls for your agent and his firm to represent both parties fairly, professionally and ethically. Dual Agents, according to South Carolina law, cannot do anything which provides an advantage to one client or the other, since the dual agent’s firm represents both.

Can same realtor represent buyer and seller?

Dual agency real estate is a situation where one real estate agent or broker represents both the buyer and seller in a real estate transaction. … Dual agents are required to be neutral when it comes to all parts of a real estate transaction, and dual agency is only permitted if both the buyer and seller consent to it.

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Is dual agency legal in SC?

South Carolina allows real estate licensees to serve as dual agents in real estate transactions. South Carolina Code §40-57-137(M)(1) states that a licensee may act as a disclosed dual agent only with the prior informed and written consent of all parties. …

Can an estate agent act for buyer and seller?

Whatever the law, while estate agents have this conflict of interest – making money from both the buyer and the seller in the same transaction – the only ones to benefit are the estate agents themselves. … Just as lawyers cannot act for both sides in a transaction, nor should estate agents be allowed to.

Which of the following options is an alternate way to deal with dual agency situations?

comes from the action of the broker designating one licensee to be the seller’s agent and another licensee to be the buyer’s agent. What is an alternate way to deal with dual agency situations? … the designated broker enters into a written seller’s agent or landlord’s agent agreement.

What is designated agency?

A designated agency is one that represents both buyers’ and sellers’ interests. One agent, working for the broker or agency, represents the seller and another stands in for the buyer. It’s a requirement that certain procedures are put in place to ensure that client information is kept separate.

Is a Realtor and real estate agent the same?

Real estate agents have a professional license to help people buy, sell, and rent real estate. … A Realtor is a licensed real estate agent or broker (or other real estate professional) who is a member of the National Association of Realtors (NAR). Members must comply with NAR’s strict Code of Ethics.

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What is dual agent?

A dual agent is an individual who acts as both the buyer’s and seller’s agent in a transaction. … But unlike a dual agent, designated agents are two separate individuals representing the buyer or the seller. However, the designated agents may work for the same brokerage firm.

Is it a good idea to use the same Realtor as the seller?

Using one agent for both buying and selling might seem like the easiest solution, but that’s true only if your agent is up to the task on both ends of the sale. This means your agent is comfortable with representing you as both a seller and a buyer, and also that she’s familiar with both neighborhoods.

Do I have to pay an estate agent if I sell privately?

Sole selling rights agreement – The estate agent in the contract is the only one allowed to sell your home during the period stipulated on the agreement. So you will have to pay the estate agent, even if you find your own buyer. So if you found a buyer yourself, you’d have to wait for the contract period to end.

What is a connected person under Estate Agents Act?

It is important for agents to note that the definition of connected person is quite broad and includes: The agent’s employer or principal. An employee of the agent. Any associate of an employer, principal, or employee.

Can estate agents tell you other offers?

Estate Agents can’t legally tell you how much the other offers were for, but they will usually indicate if they were close to the asking price, which can help to inform your own decision.”

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