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\f0\fs28 \cf2 \cb3 What is the definition of working relationships forms that realtors
have you sign? How important is it that you sign it, and what impact does it have on your
transaction? On this episode of the Chris John show, we will discuss this form, and
it's impact on your real estate deal.\ So let's start with what exactly the definition
of a working relationship form is.This is a form that real estate agents are required
to disclose to any buyer or seller prior to showing any property. It's main purpose to
to explain to all parties to what capacities the agents engage in in the transaction. For
instance, Are they going to represent the seller, the buyer, or are they going to assist
both sides with facilitating this transaction. Let's take a look at the form, and go over
each section.\ Let's first start with a sellers agent. In
this case, a sellers agent, or also known as a listing agent, works with the Sellers
with the upmost good faith, loyalty, and fidelity.Their responsibility lies with the seller, and it
layman's terms, they represent the seller. They are required To let the user know about
any adverse material facts known by the seller, Or the agent about a particular property,
such as If there was mold present on the property, or if they knew the home was in betholm.\
Now, I always recommend that they buyers take this into consideration if they are not using
a real estate agent to represent them, and remember, that the agent represents the seller,
and not the buyer. so for example, if you were a buyer, and you told a sellers agent
that you were interested in a home that they represent on behalf of the seller, And you
told that agent that you were going to offer, say, $250,000 but you'd be willing to pay
as high as $300,000, well guess what? That sellers agent must tell the sellers that you
are willing to pay as high as $300,000 because they do not represent you.Their only responsibility
is to notify you of any adverse material facts.\ So this leads us to our next type of agency,
and one you should consider if you are looking to purchase a home. So let's talk about a
buyers agent.A buyers agent works solely on behalf of the buyer to promote the interests
of the buyer with the utmost good faith, loyalty, and fidelity.The agent negotiates on behalf
of and acts as an advocate for the buyer. The buyers agent must disclose to potential
sellers all adverse material facts actually known by the buyers agent, Including the buyers
financial ability to perform the terms of the transaction, and if a residential property,
whether the buyer intends to occupy the property or treat it as an investment property.\
Now, As an example of how this can benefit you as a buyer, let's Take a look at the example
from before.Where in the situation before, you were going to offer $300,000 for a property,
and the buyers agent is told by the sellers that they would love to get $300,000, but
in conversation they mention that they would take as low as $250,000, well in this case,
as the buyers agent, they must notify you that this information was disclosed to them.
In this case, you could actually get a better deal on the property.\
The last type of agency is transaction broker. A transaction broker assists the buyer, or
seller, or both throughout a real estate transaction by performing terms of any written or oral
agreement. The responsibility includes informing the parties in presenting all offers, and
Assisting the parties with any contracts, including the closing of the transaction,
without being an agent or advocate for any of the parties.They must notify both the buyer
and the seller of any adverse material facts, And they must also inform the seller of the
buyers ability to perform financially,And whether or not the buyer intends to occupy
the property.\ There is one last item to discuss, which is
the definition of a customer.A customer is a party to a real estate transaction with
whom the Broker has no brokerage relationship because such party has not engaged or employed
the broker,Either as the party's agent or transaction broker.An example of this would
be if the agent was the sellers agent, representing the seller, and a buyer comes along, and the
buyer is not represented by an agent, Nor do they wish to employ the brokers representing
the sellers.\ Basically, the sellers would have a sellers
agent, and they buyer would be a customer who is not represented. The big question is,
are you required to sign this form? The answer is no, you are not required to sign this form,
however, there is very little risk in signing this form. It is not a contract, and you are
not engaging, or giving away any rights by signing this form.You are simply acknowledging
through the agent that they have informed you and explained the different types of relationships.\
So feel free to sign away, and if you have any questions about this form,mor any other
forms, or the whole buying process, simply click the link below, or contact us via the
information given at the end of this video. We'll see you next time.\
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