When buying a home, it is one of the most important financial decisions you will ever make. With the recent change to a buyers market in Myrtle Beach, I have seen more first time home buyers searching for property. With that said, I wanted to take a moment to explain South Carolina agency.
The overall concept of agency is the same for almost all states. However there may be a few minor differences. In South Carolina, you have the ability to choose to either be a customer or client.
As a customer you have chosen to represent yourself throughout the transaction. You have the freedom to work with any real estate agent you wish. However, in South Carolina, an agent is only required to do the following for customers:
- Present all offers in a timely manner
- Account for all money or other property received on your behalf
- Provide an explanation of the scope of services to be provided
- Be fair and honest and provide accurate information
As the State of South Carolina Agency Disclosure Brochure states: "Unless or until you enter into a written agreement with the Company for agency representation, you are considered a "Customer" of the Company, and the Company will not act as your agent. As a customer, you should not expect the Company or its licensees to promote your best interest, or keep your bargaining information confidential."
As a Client you will receive more services than customers. To receive the added services you will need to enter into a written agency agreement with a Company. Once you sign the agreement, you are a Client of that Company and will receive the following services in addition to those you have as a customer.
- Obedience
- Loyalty
- Disclosure
- Accounting
- Reasonable care and skill
- Advice, counsel, and assistance in negotiations
So, if given the opportunity to be a Client or a Customer which would you choose?
If you know anyone looking to buy or sell real estate in Myrtle Beach, do not hesitate to contact me!
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Jeremy,
Nice explanation and layout!!! Thanks, Fran
Excellent Jeremy. This post is directed directly to the consumer, whereas the one you commented on from me was directed to agents. So, the focus is different. However, you got the message out beautifully.
Your statement "Be fair and honest and provide accurate information" though is curious. The NAR dropped the word "Fair" from the Code of Ethics some time ago. When you think about it, if we are representing one side of a transaction, how "fair" can we be to the other side if we are truly representing and seeking a clear advantage for our client? I thought the NAR was absolutely correct in eliminating "Fair" and keeping Honest. Of course "lawful" is important.
I'd be interested in your thoughts on this. You've got a good handle on agency.
Lenn- I think that is why the disclosure brochure has the paragraph that follows it letting those working as a customer realize that we may not promote their best interest, or keep their bargaining potential confidential.