-
- For a more detailed explanation of the relationship of real estate agents and non-agencies, see real estate broker
Sub-agents ( Sub-agents ) are real-estate terms in the United States and Canada that describe the relationship between a property broker and its agent with a buyer from a business, home, or property.
Video Sub-agent
About sub-agents
Lasted through the early 1990s, brokers provided broker-based conventional full service brokerage ties under a listing agreement signed only with the seller, thus creating an agency relationship with fiduciary duty under common law in most US and Canada. The seller then becomes a brokerage client.
However, there is no such agency relationship with the buyer, and the broker agent helps the buyer (who is usually known as his "customer"). In this situation, during the period in which the buyer sees the property, enters into the real estate contract, and finally closes on one, the broker/agent serves only as a sub-agent of the seller broker.
There are some obvious losses for buyers under sub-agencies. There is no obligation to get the best price or terms for the buyer, because the broker, as sub-agent, is obliged to get the best terms for the seller, generally someone he has never met and with whom no direct business relationship exists. Many states, notably Florida and Colorado, have removed sub-agencies by prioritizing Brokers Buyer Agreements or the Creation of Transaction Brokers.
Only with the advent of Buyers brokers in the 1990s - the buyer's legal representation by the broker - that the buyer became a brokerage client and entered into the same fiduciary relationship enjoyed by the seller.
In the Philippines, Sub-Agent is a person who is under the supervision and operational control of a Real Estate Broker. Sub-Agent is not an agent of the Buyer or Seller. This is a Broker who is a Buyer or Seller Agent. Sub-Agent is Broker's agent, works for Broker, and represents Broker's interests. The formal position of the Sub-Agent in the hierarchy of real estate practitioners in the Philippines is equivalent to the rank of Salesperson. The salesperson is described in Sections 3 and Section 31 of the Philippine Real Estate Service Act (Republic Act 9646).
Maps Sub-agent
References
See also
- List of real estate topics
Source of the article : Wikipedia
0 Comments