For Buyers
M. Nack & Assoc. appreciates the opportunity to help you find your new property. As a full service real estate company, we can provide many services as outlined in this agreement.
Your Agent Will...
Work with you to identify properties that meet your specifications relating to location, price, features, and amenities.
Specifically represent your interests.
Prepare lists of comparable properties and discuss their value with you.
Safeguard any confidential information that you disclose.
Disclose to you any information known to your agent that would materially affect your purchase decision (unless such disclosure is precluded by law).
Assist you in securing financing and other services needed to close the transaction.
In the event that you select a property which is listed by your agent, that person would then become a dual agent (see below).
Your Role
Because your agent is compensated only in the event of a successful transaction, your agent will greatly appreciate your cooperation and loyalty. Your agent is fully prepared and available to provide information on any listed property and will expect you to make inquiries only through your agent. In that connection, the use of an agent from another firm on a particular property, no matter how inadvertent or insignificant it may seem to you, may make it impossible for your M. Nack & Assoc. agent to represent you on that property. Should you, in fact, have an exclusive buyer representation agreement with another broker, then you must work with that agent only and cannot be represented by us. It is expected that you would disclose any such relationship to us immediately.
Our Compensation
We are generally compensated at the time of closing. To facilitate the exchange of money, we are traditionally paid out of the seller's proceeds. In the event that you wish your agent to assist you in the purchase of a property in which the sellers or the sellers' broker will not pay a commission, your agent will so notify you as soon as they become aware of it. It is then expected that you will compensate your agent directly in the amount of 3% of the purchase price, said amount to be paid at the time of closing. Said compensation can be, but need not be, included in the purchase price.
Other Buyers
Your agent as well as other agents at M. Nack & Assoc. may represent other buyers who may be interested in acquiring the same property that you may wish to acquire.
Disclaimer
Your agent shall have no obligation to discover latent defects in any property, though they do have a responsibility to disclose any defects that they would reasonably be expected to know. Your agent is solely a real estate agent and not an attorney, tax advisor, lender, mortgage broker, appraiser, surveyor, structural engineer, home inspector, environmental consultant, architect, contractor, or any other such service provider. Your agent may refer such service providers to you at your request. You are responsible for said service providers' fees. Neither your agent nor M. Nack & Assoc. shall be liable for or act as guarantor of such services.
Compliance With Fair Housing Laws
We do not discriminate against any person because of race, color, religion, national origin, age, sex, ancestry, disability, marital or familial status, source of income, or sexual orientation and we follow all local, state, and federal fair housing laws.
Dual Agency Representation
Representing more than one party to a transaction may present a conflict of interest since both clients may rely upon Agent's advice and the clients' respective interests may be adverse to each other. Agent will undertake this representation only with the written consent of ALL clients in the transaction.
Any agreement between the clients as to a final contract price and other terms is a result of negotiations between the clients acting in their own best interests and on their own behalf.
What an Agent Can Do for Clients When Acting as a Dual Agent
- Treat all clients honestly.
- Provide information about the property to the buyer or tenant.
- Disclose all latent material defects in the property that are known to Agent.
- Disclose financial qualification of the buyer or tenant to the seller or landlord.
- Explain real estate terms.
- Help the buyer or tenant to arrange for property inspections.
- Explain closing costs and procedures.
- Help the buyer compare financing alternatives.
- Provide information about comparable properties that have sold so both clients may make educated decisions on what price to accept or offer.
What an Agent Cannot Disclose to Clients When Acting as a Dual Agent
- Confidential information that Agent may know about the clients, without that client's permission.
- The price the seller or landlord will take other than the listing price without permission of the seller or landlord.
- The price the buyer or tenant is willing to pay without permission of the buyer or tenant.
- A recommended or suggested price the buyer or tenant should offer.
- A recommended or suggested price the seller or landlord should counter with or accept.
