Let me take you along the path to buying or selling your new home

Let me take you along the path to buying or selling your new home

Tuesday, July 15, 2014

Do You Want To Enter Into A Maine Real Estate Brokerage Relationship Agreement?


 
This Information is mainly for Out-of-State or Foreign Buyers or Sellers of Real Estate, as well as for Anyone within the State of Maine who are considering entering into a Brokerage Relationship Agreement with an Agency in the State of Maine.



This information may make it easier for you when you decide to Sell or Purchase land, lakeside property, ocean property, riverfront property, rural and urban homes, agricultural property, forestry property, commercial and industrial property etc.


Dept. of Professional & Financial Regulation
Office of Professional & Occupational Regulation 
MAINE REAL ESTATE COMMISSION 

35 State House Station Augusta ME 04333-0035

REAL ESTATE BROKERAGE RELATIONSHIPS FORM


Right Now You Are A Customer:
 
Are you interested in buying or selling residential real estate in Maine? Before you
begin working with a real estate licensee it is important for you to understand that Maine Law provides for different levels of brokerage service to buyers and sellers.

You should decide whether you want to be represented in a transaction (as a client) or not (as a customer). To assist you in deciding which option is in your best interest,
please review the following information about real estate brokerage relationships:


Maine law requires all real estate brokerage companies and their affiliated licensees (“licensee”) to perform certain basic duties when dealing with a buyer or seller. You can expect a real estate licensee you deal with to provide the following customer-level services



  • To disclose all material defects pertaining to the physical condition of the real estate that are known by the licensee;   
  • To treat both the buyer and seller honestly and not knowingly give false information; 
  • To account for all money and property received from or on behalf of the buyer or seller; and
  • To comply with all state and federal laws related to real estate brokerage activity.



Until you enter into a written brokerage agreement with the licensee for client-level representation you are considered a “customer” and the licensee is not your agent.


As a customer, you should not expect the licensee to promote your best interest, or to keep any information you give to the licensee confidential, including your bargaining position. 

You May Become A Client


If you want a licensee to represent you, you will need to enter into a written listing agreement or a written buyer representation agreement. These agreements create a  between you and the licensee. As a client you can expect the licensee to provide the following services, in addition to the basic services required of all licensees listed above: 


  • To perform the terms of the written agreement with skill and care;
  •   To promote your best interests;


  For seller clients this means the agent will put the

  seller’s interests first and negotiate the best price and
terms for the seller;



  For buyer clients this means the agent will put the buyer’s

interests first and negotiate for the best prices and

terms for the buyer; and



To maintain the confidentiality of specific client information, including bargaining information.



COMPANY POLICY ON CLIENT-LEVEL SERVICES

WHAT YOU NEED TO KNOW


The real estate brokerage company’s policy on client-level services determines which of the three types of agent-client relationships permitted in Maine may be offered to you. The agent-client relationships permitted in Maine are as follows:
 

  • The company and all of its affiliated licensees represent you as a client 
(called “single agency);
  • The company appoints, with your written consent, one or more of the affiliated licensees to represent you as an agent(s) 
(called “appointed agency);

  • The company may offer limited agent level services as a disclosed dual agent


WHAT IS A DISCLOSED DUAL AGENT?


In certain situations a licensee may act as an agent for and represent both the buyer and the seller in the same transaction. This is called disclosed dual agency.



Both the buyer and the seller must consent to this type of representation in writing. Working with a dual agent is not the same as having your own exclusive agent as a single or appointed agent. For instance, when representing both a buyer and a seller, the dual agent must not disclose to one party any confidential information obtained from the other party. 

Remember!

Unless you enter into a written agreement for agency representation, you are

a customernot a client

 
THIS IS NOT A CONTRACT
It is important for you to know that this form is not a contract. The licensee's completion of the statement below acknowledges that you have been given the information required by Maine law regarding brokerage relationships so hat you may make an informed decision as to the relationship you wish to establish with the licensee/company. 

 
To Be Completed By Licensee

This form was presented on (date)_____________________________

To______________________________________________________

Name of Buyer(s) or Seller(s)

____________________________________________

by______________________________________________________

Licensee's Name

on behalf of_______________________________________________

Company/Agency 

 
MREC Form#3 Revised 07/2006
Office Title Changed 09/2011

 
To check on the license status of the real estate brokerage company or affiliated licensee go to http://www.pfr.maine.gov/almsonline/almsquery/SearchIndividual.aspx
Inactive licensees may not practice real estate brokerage