State lays down law in realty

For many years, agency relationships have been one of the most difficult things to understand within a real estate transaction. If you are selling a home, would you want the salesperson to represent you exclusively? The same is true for a buyer. How does a real estate salesperson represent a buyer or seller? What are their duties? These are only a few of the questions regarding an agency that one may have in a real estate transaction.

Effective immediately, the state of Delaware requires all real estate licensees to have consumers receive and sign the Consumer Information Statement. The statement was created to answer many questions regarding an agency and inform each party of their rights and responsibilities.

The Consumer Information Statement explains to potential real estate buyers and sellers their options and choices of how a real estate salesperson can represent them in the sale or purchase of real estate. The statement outlines rules associated with each type of agency, important terms, confidentiality and other information regarding real estate relationships. There is information describing what the brokers and salespersons must do and what they may do depending upon the role of said brokers and or salespersons.

All licensees are required to present the Consumer Information Statement no later than the first scheduled appointment or the showing of a property.

The statement was created to inform the public of their choices in representation in a real estate transaction. This is a good thing. It has taken much of the confusion out of the real estate process and gives the public the choices they should have regarding real estate licensees and representation. When signed, the Consumer Information Statement creates a non-exclusive agency relationship. This statement does not take the place of an exclusive agency agreement or listing agreement. A written and signed document is what creates an agency relationship.

Please take the time to read and understand this document before you proceed into a real estate agreement with a licensed real estate agent.

If you are considering buying or selling a home, and would like more information regarding this new requirement, please contact your real estate professional.

Wayne M. West is a Realtor with Patterson-Schwartz Real Estate.

By WAYNE M. WEST, The News Journal

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