Does the term “single agency” mean you are on your own when it comes to a real estate transaction? No way! It’s real estate lingo. Let’s see what it means.
As we discussed last week, Alabama law requires that information about the types of services to be provided to a buyer or seller must be given as soon as reasonably possible. The Real Estate Consumers Agency and Disclosure Act (RECAD) requires the qualifying broker to determine the types of brokerage services which his company and agents may offer. These services include single agency, sub-agency, dual agency and transactional.
The term single agency means that a licensee will only represent one party in the real estate transaction. A single agent will represent the interests of either the seller or the buyer. In other words, they are officially your “agent” and you are officially their “client.” Single agency is the most commonly used form of real estate representation.
As in most types of agency relationships, the agent owes their client fiduciary duties such as loyalty and obedience. This means that, if you are the seller or buyer, you can expect the agent to place your interests ahead of their own, provide service with honesty and good faith, and avoid conflicts of interest.
Mike and Brandie Brown and the Josh Vernon Group will not leave you feeling all alone in your real estate transaction. They will present you with the RECAD disclosure. They will walk you through each step to help you understand the service you will be provided. And, they will do it with honesty and integrity.