Step 2: Let's get together.

Now that you've got the budget figured out and you find that you are ready for home ownership it's time for us to get together. Consider taking advantage of the many buyer services and resources offered by our real estate team.

• How we can be your best resource.
• Who is working for whom?

Working with us.

There is no law that says you must use a buyer agent. After all, you can find homes for sale from any number of sources (web sites, magazines, friends, fliers, signs and so on). But if you do pursue this route, we would simply say "let the buyer beware". We do not want to scare you unnecessarily into using a buyer agent, but to point out that it only makes sense that if you buy any property and you're not buying with the help of a buyer agent, you will need to take on more responsibility for what happens in the transaction. Seller agents have more experience in real estate than home buyers, who go it alone, and may try to use that to their advantage.

Consider taking advantage of the many services offered by our real estate team:

• Our professional fee is usually paid from the proceeds of the transaction, meaning no additional cost to you..
• We can direct you to a pool of properties likely to interest you and away from homes that don't meet your needs, saving you time and energy.
• We can supply you with local information such as property taxes, schools, neighborhoods, recreation facilities and so on.
• Offer printed information such as maps, listing sheets, documents, and so on.
• Access to the Multiple Listing Service and provide you with a property search engine to allow access to properties for sale from your own computer.
• Offer pricing of similar properties that have sold recently.
• We can evaluate properties prior to showing them to you.
• Be a great resource for information on home inspectors, mortgage lenders, land surveyors, attorneys, home owner's insurance, and home improvement vendors all whom we have had great customer service from past clients.
• We will be there for you so you do not have to go it alone.

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Agency (Real Estate Representation)
and you.

Before you begin working with an agent it is important to understand that Massachusetts Law and New Hampshire Law provides for different types of representation and Broker/Agent relationships (or agency) for both buyers and sellers. At your first personal meeting to discuss a specific property or properties, real estate agents (brokers and sales representatives) must give you a Massachusetts Mandatory Licensee-Consumer Relationship Disclosure (Agency Disclosure) Form or New Hampshire Disclosure Form. The purpose of this form is to disclose the agent's relationship with you or any other party to the transaction (buyer or seller). This form is not a contract. The form also includes an explanation of the different types of agency relationships (real estate representation) such as:

Definition of Agency

"Agency" means a fiduciary relationship between a principal or client and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal or client in dealings with a third party.

The Professionals

Duties

A licensee or real estate agent who provides services through a brokerage agreement for a seller, landlord, buyer, or tenant is bound by the duties of:

• Loyalty: Put her/his client's interests above the agent's own interests.
• Obedience: Obey all lawful instructions of her/his client.
• Accounting: Duty to protect all money given or documents signed.
• Reasonable Care: Use her/his skill and expertise to the benefit of her/his client.
• Disclosure: Must disclose all pertinent facts relating to the transaction.
• Confidentiality: Must keep private information confidential.

Seller's Agent (MA,NH)

A seller can engage the services of a real estate agent to sell his property (called the listing agent) and the real estate agent is then the agent for the seller who becomes the agent's client. This means that the real estate agent represents the seller. The agent owes the seller undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability, provided, however, that the agent must disclose known material defects in the real estate. The agent must put the seller's interests first and negotiate for the best price and terms for their client, the seller. (The seller may authorize sub-agents to represent him/her in marketing its property to buyers, however the seller should be aware that wrongful action by the real estate agent or sub-agents may subject the seller to legal liability for those wrongful actions).

Buyer's Agent (MA,NH)

A buyer can engage the services of a real estate agent to purchase property and the real estate agent is then the agent for the buyer who becomes the agent's client. This means that the real estate agent represents the buyer. The agent owes the buyer undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability, provided, however, that the agent must disclose known material defects in the real estate. The agent must put the buyer's interests first and negotiate for the best price and terms for their client, the buyer. (The buyer may also authorize sub-agents to represent him/her in purchasing property, however the buyer should be aware that wrongful action by the real estate agent or sub-agents may subject the buyer to legal liability for those wrongful actions).

Sub-Agency (NH)

When an agent who brings a buyer for another company's listing, the buyer's representative is in effect working on behalf of the listing agent and the seller, owing them fiduciary duties equal to the seller agent. Sub-Agency is just about dead most everywhere now, as it wasn't good for the buyers and made brokers and sellers vicariously liable for the actions or errors of the buyer's representative.

Facilitator (MA) or Non-Agent (NH)

When a real estate agent works as a facilitator that agent assists the seller and buyer in reaching an agreement but does not represent either the seller or buyer in the transaction. The facilitator and the broker with whom the facilitator is affiliated owe the seller and buyer a duty to present each property honestly and accurately by disclosing known material defects about the property and owe a duty to account for funds. Unless otherwise agreed, the facilitator has no duty to keep information received from a seller or buyer confidential. The role of facilitator applies only to the seller and buyer in the particular property transaction involving the seller and buyer. Should the seller and buyer expressly agree a facilitator relationship can be changed to become an exclusive agency relationship with either the seller or the buyer.

Designated Sellers's and Buyer's Agent (MA)

A real estate agent can be designated by another real estate agent (the appointing or designating agent) to represent either the buyer or seller, provided the buyer or seller expressly agrees to such designation. The real estate agent once so designated is then the agent for either the buyer or seller who becomes their client. The designated agent owes the buyer or seller undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability, provided, however, that the agent must disclose known material defects in the real estate. The agent must put their client's interests first and negotiate for the best price and terms for their client. In situations where the appointing agent designates another agent to represent the seller and an agent to represent the buyer then the appointing agent becomes a dual agent. Consequently a dual agent cannot satisfy fully the duties of loyalty, full disclosure, obedience to lawful instructions which is required of an exclusive seller or buyer agent. The dual agent does not represent either the buyer or the seller solely only your designated agent represents your interests. The written consent for designated agency must contain the information provided for in the regulations of the Massachusetts Board of Registration of Real Estate Brokers and Salespeople (Board). A sample designated agency consent is available at the Board's website at www.mass.gov/dpl/re.

Dual Agent (MA,NH)

A real estate agent may act as a dual agent representing both the seller and buyer in a transaction but only with the express and informed consent of both the seller and buyer. Written consent to dual agency must be obtained by the real estate agent prior to the execution of an offer to purchase a specific property. A dual agent shall be neutral with regard to any conflicting interest of the seller and buyer. Consequently a dual agent cannot satisfy fully the duties of loyalty, full disclosure, obedience to lawful instructions which is required of an exclusive seller or buyer agent. A dual agent does, however, still owe a duty of confidentiality of material information and accounting for funds. The written consent for dual agency must contain the information provided for in the regulations of the Massachusetts and New HAmpshire Board of Registration of Real Estate Brokers and Salespeople (Board). A sample dual agency consent is available at the Board's website at www.mass.gov/dpl/re.

Before you share information with an agent about your needs, motivation, time line or financial concerns, be sure you understand whether or not that agent is working only in your best interests. This information may affect your bargaining position when negotiating a transaction.

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