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Disclaimer: The
data relating to real estate for sale on this web site comes in part from the
Internet Data Exchange program of the RANW MLS. Real Estate listings held by
brokerage firms other than H. Strobl Realty, Inc. include the name of the
listing broker. Only listings of Brokers participating in IDX are included. 2002
REALTORS® Association of Northeast Wisconsin Multiple Listing Service. All
Rights Reserved.
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 In
Wisconsin, real estate buyers can choose to work with either a selling agent
(sometimes also referred to as a subagent or a co-broke agent) or a buyer’s
agent. Either way, your agent is a specially trained professional, licensed by
the state of Wisconsin, who is obligated by law to treat all parties to a real
estate transaction fairly. To understand how a buyer’s agent is different from
a selling agent, you must first understand how they are alike.
AS
A BUYER, WHAT KIND OF FAIR TREATMENT CAN I
EXPECT FROM ALL REAL ESTATE AGENTS?
All
real estate agents owe the following duties to both buyers and sellers:
1.
Every
agent must provide services honestly, fairly, and in good
faith. When answering
your questions, every agent must be honest
and
accurate.
2.
Disclosure of Material Adverse Facts
Every
agent must disclose material adverse Facts that von do not already know or that
you cannot discover through vigilant observation. Adverse facts are conditions,
which significantly and adversely affect the property value, the structure, or
the health of the occupants, or information concerning the inability or refusal
of a party to carry out the offer. Examples of material adverse facts include a
leaky roof or high radon readings, or the fact that a foreclosure sale will
prevent the seller from being able to sell.
3.
Confidentiality
Every
agent must keep confidential any information, which you indicate is
confidential, and any information that the agent knows a reasonable person
would want to he kept confidential. When yon receive the required agency
disclosure statement that the agent must give you before beginning to work with
you, you can list the information you consider to the confidential. You can also
list information that might be considered confidential but which you are
authorizing the agent to disclose. For example, you can permit the agent
to reveal information about your financial qualifications to the seller, to
encourage the seller to accept your offer to purchase.
4.
Provision of Accurate Market Condition Information
You
may ask the agent to provide timely and accurate information about market
conditions, and every agent must respond with examples of sale prices for
comparable properties.
5.
Reasonable Skill and Care
Every
agent must be knowledgeable concerning real estate laws, public policies,
current market conditions, and the physical characteristics of the property
being sold. Every agent must use reasonable skill and care when:
Inspecting
properties Preparing and giving a general explanation of the purchase contract
and other relevant documents Monitoring deadlines and closing
dates Making
reasonable efforts to find a property meeting your criteria Recommending that
you seek third-party advisers (such as attorneys, accountants, home inspectors,
or building contractors) when appropriate
6.
Accounting
Every
agent must account for all funds or other things of value received from the
parties to the transaction. Funds, such as earnest money or cash advances, are
held in the agent’s trust account where they are kept separate from the
agent’s money and where separate records are kept for each transaction.
7.
Objective Presentation of
Offers
Every
agent must make an objective and unbiased presentation of all proposals and
offers and indicate the advantages and disadvantages of each.
HOW
ARE SELLING AGENTS AND BUYER’S AGENT DIFFERENT?
The
first thing to remember is that Wisconsin law does not allow real estate agents
to be adversarial for or against the seller or the buyer. They are legally
required to treat all parties fairly.
If
you work with a selling agent, there is no contract between you and the agent,
and you are not the agent’s principal. You will, however, receive a disclosure
of Real Estate Agency Form that lists the fair treatment duties owed by all
agents to all parties, and which indicates that the selling agent is an
owner’s agent. The selling agent will show you properties you are interested
in seeing, get more information about properties of interest, and draft the
purchase contract as you direct. The selling agent must provide you with
information about any known or potential property defects, and help identify
those situations when you should consult a professional — such as a home
inspector or building contractor — to help you evaluate a property condition,
or an attorney or accountant to advise you on Legal or tax matters.
If
you work with a buyer’s agent, you and the buyer’s agent sign a WB-36
Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate
Agency. This disclosure lists the fair treatment duties owed by all agents to
all parties and the duties owed to principals or clients, and indicates that the
buyer’s agent is the agent of the buyer. You are the buyer’s agent’s
principal or client, and the buyer’s agent receives a fee when he or she
successfully helps you find a property and negotiate a purchase contract in
accordance with your buyer agency agreement. You have the right to negotiate the
fee with the buyer’s agent and determine whether the fee is paid by the
listing broker, the seller, by you, or by some combination of these. A buyer’s
agent helps you get the best possible price, negotiates for beneficial contract
terms, and generally assists you throughout the transaction. A buyer’s agent
owes you the fair treatment duties owed to all parties plus the higher level of
agent-client fiduciary duties.
WHAT
FIDUCIARY DUTIES DOES A BUYER’S AGENT OWE TO ME IN ADDITION TO THE FAIR
TREATMENT OWED TO ALL PARTIES?
1.
Loyalty
A buyer’s agent
must loyally represent you, avoid all conflicts of interest with you, and put
your best interests ahead of the interests of any other party.
2.
Disclosure
A buyer’s agent is
obligated to make a full, fair and timely disclosure to you of all known facts
that are lawfully material to the transaction. A material fact is one that a
reasonable person might feel is important in choosing a course of action.
Examples of material facts are:
- The existence of
other offers
- The reason the
seller is selling, provided the seller permits this information to be shared
with others and does not require it to be kept confidential
3.
Obedience
The agent must carry
out the obligations stated n the WB- 36 Buyer Agency Agreement and must obey all
of your lawful orders which relate to the agent’s duties as stated in that
contract. For example, the agent must order a survey or appraisal on your behalf
if you ask him or her to do so, provided this function lies within the scope of
the buyer agency contract. However, an agent may not violate the law — he or
she may not refuse to show you a property owned by a member of a minority group,
for example.
WHAT
ARE THE ADVANTAGES OF WORKING WITH A BUYER’S AGENT?
Despite what some
people may think, being a buyer’s agent doesn’t mean that he or she will
rush in and hammer the seller into submission. The buyer’s agent works for the
interests of the buyer, but also must know how to work with the listing agent so
that the seller sells and the buyer buy’s. Acting in an adversarial manner is
not the most effective way to represent a buyer. Only a buyer’s agent can:
- Give a negative
opinion or critique of a seller’s property beyond disclosing defects
- Recommend or
offers a suggest an offering price, or give you an opinion about whether a
particular house is
priced too high or low
- Structure tile
offer and draft offer provisions with the buyer’s best interests in mind
- Recommend and
assist the buyer with negotiation strategies for the best price and terms
Disclose all information and research about a property’s history and liens
so the buyer can make an informed decision. The level of additional
investigation and research that a buyer’s agent may conduct for a buyer
may vary from agent to agent
- Give advice with
the scope of the agent’s expertise as a licensed real estate agent.
WHAT
IS MULTIPLE REPRESENTATION?
Multiple
representation exists when one real estate company represents both the seller
and the buyer as clients in the same transaction. This means that one agent from
a real estate company will be the listing agent, working for the seller as a
client, and another agent from the same real estate company with the buyer’s
agent, working for the buyer as a client. Under these circumstances, it is
impossible for the company to provide full client-level services and complete
loyalty to both buyer and seller. The company and its agents cannot put the
interests of one client ahead of the interests of another client involved in the
same transaction. In a multiple representation, the real estate company and its
agents assume the role of middlemen in negotiations, draft contracts to
accomplish the intent of the parties, and present contract proposals in an
objective manner. Both the buyer and the seller must agree in writing to this
special arrangement.
Not all real
estate agents are REALTORS®. A REALTOR® is a real estate agent who has gone
beyond the minimum standards required for licensing to become a member of the
REALTORS® Association, and has agreed to adhere to a strict Code of Ethics. In
addition to the above agent services, a REALTOR® may have access to the
Multiple Listing Service. In Wisconsin, the MLS is a valuable marketing tool
typically available only through a REALTOR®
© 2000 WISCONSIN
REALTORS® ASSOCIATION
 WISCONSIN
REALTORS®
ASSOCIATION
View a copy of the Buyer Agency contract and my attachments for guaranteed
performance >>>
The Buyer Agency Contract
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All
information deemed reliable but not guaranteed and should be independently
verified. All properties are subject to prior sale, change or withdrawal.
Neither listing broker(s) nor the owners of this site nor RANW MLS, Inc.
shall be responsible for any typographical errors, misinformation, misprints
and shall be held totally harmless. The information being provided is for
consumers' personal, non-commercial use and may not be used for any purpose
other than to identify prospective properties consumers may be interested in
purchasing.
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