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An agency is a legal relationship involving certain duties and liabilities and this same relationship is applicable to real estate agency . The agency is responsible for certain functions on behalf of the client and is the person who the customer sees in place of the residential, commercial, rental or self storage owner of the property. This relationship, also called agency relationship, develops when a person authorizes another person to represent him or her but within the control to deal with others, namely, the third parties. These persons are known legally as the agent and the principal. The agent is the person authorized for the functions and the principal is the person who authorizes the agent. The person who wishes to deal with the principal will have to go through the agent and these people are called the third parties.
In real estate agency the principal is the person willing to sell a property and the agent is the person this property owner has appointed to conduct the sell of his property smoothly. This agent is commonly known as broker and the property owner is his client. The broker may not always be appointed by a seller. A person willing to find a suitable property for buying may also appoint a broker so that he can negotiate a healthy deal. Once again the buyer of home becomes the principal and the broker becomes the agent. If you are thinking of appointing a salesperson for the job then you must rethink and appoint a broker because they are the only legal persons to represent a person or company.
Real estate agency is helpful for both the seller and the buyer. Since the agent is empowered to conduct any negotiation with the interested parties dealing with them is as good as dealing with the owner. The agent can even promise on behalf of the owner and for any wrong deeds of the agent the owner is to take the full liability. However, these are all laws related to agencies which hold good for real property as well. Now the States are revising their strategy and bringing statutes related solely to the real property agencies.
Most of the appointments of the real estate agency are done verbally and this verbal agreement is recognized in a number of states. Though the agent is appointed with reference to some considerations, he cannot sue a seller for not fulfilling the agreed conditions. But he will have to do all his duties related to agency duties even if there is no point by point written agreement. There are certain duties that are mentioned even in the agency law.
Once the agent is appointed by the seller or even the buyer, the appointing person is bound by the actions of his agent which are within the purview of the agents authority. The seller is supposed to have information that his agent has and for any legal disputes he is equally responsible for the action of the agent even if he did not commit the harm. So the real estate agency can be of three types depending on the authority such agents wield. The universal agent is the person with most authority conferred to him or her. The other agents are a general agent. A general agent is the person appointed to look after all the things in general related to a property including signing contracts on behalf of the owner. The final one is the special agent who is authorized to perform only some tasks and not all. Of all the general agents are the most common.
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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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