Seller agency definition

Seller agency means a form of agency in which a real estate brokerage firm represents the seller in an agency capacity as defined in this chapter.
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Seller agency. When a property is listed for sale, the listing REALTOR/Broker acts as an agent for and on behalf of the Seller. Thus, the Seller is their client. Other REALTORS/Brokers who work through the Multiple Listing Service, are considered cooperating agents of the listing agent and, as a result, are considered subagents for the Seller. As subagents for the Seller, they have also agreed to work for and on behalf of the Seller, their client. When a REALTOR/Broker acts as an exclusive agent of one, that licensee owes that party exclusive obligations to: • promote the best interests of that party exclusively • fully disclose to that party all facts that may influence that party’s decision to either tender an offer to purchase or accept an offer to purchase. • keep confidential that party’s motivations for buying or selling • disclose to that party all information about another party’s willingness to offer a higher price or accept a lower price BUYER AGENCY: The Seller has been informed and understands that, on occasion, some REALTOR/Brokers may represent Buyers under a Buyer Agency Agreement. The REALTOR/Brokers acting as the Buyer’s agent have a duty to serve the Buyer’s interest. Thus, any information that the Seller provides the Buyer’s agent will be disclosed to the Buyer. BROKER RECOMMENDATION: REALTOR/Brokers from other offices may, on one occasion, be acting as an agent of the Seller and, on another occasion, as a Buyer’s Agent. Therefore, we recommend that the Seller treat all REALTOR/Brokers from other offices as a Buyer’s agent, i.e. the Seller should not disclose confidences to those REALTOR/Brokers that the Seller would not disclose to a Buyer.
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Seller agency. In this type of relationship, the agent and the brokerage owe the seller the duties of loyalty, obedience, confidentiality, accounting, and reasonable skill and care in performing their duties, and any other duties contained in an agency agreement. The agent and brokerage are required to act solely on behalf of the seller's interest to seek the best price and terms for the seller. Finally, a seller's agent and brokerage also have a duty to disclose to the seller all material Information obtained from the buyer or from any other source.
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Examples of Seller agency in a sentence

  • Seller agency is also sometimes called listing agency.Landlord agency is different from seller agency in that the listing broker is assisting the property owner in leasing rather than selling property.

  • Seller agency occurs when the real estate broker is representing the seller in selling his or her property.


More Definitions of Seller agency

Seller agency means a District department, office, or agency that receives
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Seller agency. The brokerage company (BIC) becomes the seller's agent by entering into a written listing agreement with the seller. Seller becomes the client of the company. Licensees associated with the company also represent the seller/client as agents. A subagent is a designated broker and all associated licensees engaged by a broker of another company. A subagent owes the same duties and responsibilities to the client as the client's primary broker. A brokerage company may or may not offer or accept subagency. A seller's agent has the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, diligence, obedience, accounting in all dealings, and specific duties as defined in Section 40-57-137(C) of the South Carolina Real Estate License Law. In dealings with a buyer, seller's agent should: exercise reasonable skill and care, deal honestly and in good faith, and disclose all facts known by agent related to the physical condition of a property.
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Related to Seller agency

  • Using agency has the same meaning as defined in Texas Government Code, Section 2166.001(10).

  • Funding Agency means an organization or individual which provides facilities to receive and accumulate assets to be used either for the payment of benefits under a pension plan, or for the purchase of such benefits, provided such accumulated assets form a part of a pension plan established for the exclusive benefit of the plan participants and their beneficiaries. The fair market value of the assets held by the funding agency as of a specified date is the Funding Agency Balance as of that date.

  • Regulatory Agency means any federal or state agency charged with the supervision or regulation of depositary institutions or holding companies of depositary institutions, or engaged in the insurance of depositary institution deposits, or any court, administrative agency or commission or other authority, body or agency having supervisory or regulatory authority with respect to the Company or any of its subsidiaries.

  • Cooperating agency means any Federal agency other than a lead agency which has jurisdiction by law or special expertise with respect to any environmental impact involved in a proposal (or a reasonable alternative) for legislation or other major Federal action significantly affecting the quality of the human environment. The selection and responsibilities of a cooperating agency are described in Sec. 1501.6. A State or local agency of similar qualifications or, when the effects are on a reservation, an Indian Tribe, may by agreement with the lead agency become a cooperating agency.

  • County agency means the county social service board.

  • Administering agency means the department, the county road commission, the county drain commissioner, or the city, village, or township that has jurisdiction over the public facility, as determined by the negotiating partnership. The administering agency will administer the development of the public facility.

  • Procuring Agency means all State of New Mexico agencies, commissions, institutions, political subdivisions and local public bodies allowed by law to entertain procurements.

  • Sponsoring agency means a child welfare agency licensed to place children in group homes, a county agency speci- fied in s. 48.56 (1), Stats., or the department; which enters into a written contract with the licensee.

  • Host agency means a public agency, private nonprofit organization, or private sector employer, other than a political party, exempt from taxation under Section 501(c)(3) of the Internal Revenue Code, which provides a training site and supervision for a participant.

  • Nodal Agency means the Madhya Pradesh Urja Vikas Nigam Limited, (MPUVNL) Bhopal;

  • Public agency means the state or any local subdivision thereof, or any state or local department, agency, board or commission.

  • Licensing agency means the Rhode Island Department of Health.

  • Purchasing agency means any governmental body other than the chief procurement officers authorized by this code or by way of delegation from the chief procurement officers to enter into contracts.

  • Lead Agency means the agency facilitating the procurement and establishing the Contract.

  • Regulatory Agencies The Office of the Comptroller of the Currency; the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation; the Federal Housing Finance Agency; the Securities and Exchange Commission; and the Department of Housing and Urban Development.

  • Local agency means a city, county, or city and county, whether general law or chartered.

  • Contracting agency means the principal departments in the Executive Branch of the State Government, and any division, board, bureau, office, commission or other instrumentality within or created by such department, or any independent State authority, commission, instrumentality or agency, or any State college or university, any county college, or any local unit; with respect to this Contract, the contracting agency shall mean the Division;