About Seller Agency
From never missing a new buyer, to getting you the best price in today's market, there are many reasons to choose Old Newport Realty. Our consultants live, work and play in the Newport Beach area ~ some of us are even life-long residents. We look forward to making your transaction as smooth as possible ~ and to welcoming new neighbors with open arms.
Your consultant is responsible for representing your interests. A handful of laws require it. These laws govern agency relationships to protect your safety and well-being. Below are two scenarios you should know about:
- When a real estate agent represents a buyer or seller, the agent owes the buyer or seller certain fiduciary duties, which means they have requirements of confidentiality, obedience, fidelity, loyalty, accounting, and reasonable skill and care.
- When a real estate agent does not represent a buyer or seller, no fiduciary duties exist. However, even when there are no official duties, real estate professionals still have an obligation of honesty to all parties with whom they interact.
At Old Newport Realty, our team treats clients like family ~ sometimes better. Here is a snapshot of our internal, professional code of ethics:
- By loyal and act in the client's best interests;
- Obey all lawful instructions;
- Protect all confidences;
- Exercise professional skill and diligence when answering client's questions;
- Be accountable for handling all funds and paperwork;
- Present all offers in a timely fashion; and,
- Execute other duties as outlined in your buyer agency agreement.
In Newport Beach the following buyer agency relationships can be established:
Seller's AgentA seller's agent works for the real estate company that lists and markets the property for the sellers or landlords. His or her duty of loyalty is exclusively to the sellersor landlords, though the agent may assist a buyer with the process of purchasing the property. The seller pays the seller's agent's fee as specified in a written listing agreement.
A cooperating agent is contracted from a different real estate company than the one who does the listing. They can assist a buyer or tenant in purchasing or renting a property, but his or her duty of loyalty is only to the sellers or landlords. The cooperating agent's fee is paid by the sellers or landlords through the seller's agent's company.