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Brooke Buccieri's Blog

By Brooke Buccieri | Broker in Stamford, CT
  • CT Laws of Agency or Why you should sign that contract

    Posted Under: Home Buying in Stamford  |  August 1, 2010 6:20 AM  |  286 views  |  No comments

    Some days I find the best part of being a Realtor is the opportunity it provides me to educate, inform or enlighten. That is certainly not to say I have all of the answers, just that I like to share valuable information and appreciate it when others do the same for me.

    Toward that end I was sitting here thinking today of all of the times I have asked the question of a new customer "has anyone taken the time to explain the CT Laws of Agency to you"? Invariably, the individual looks back at me bewildered. Hence, the subject matter for today's blog.

    CT Real Estate Law governs all Licensed Realtors the same way. The law does not allow for us to engage in the business of Real Estate in any other than an ethical and honest fashion. We might have different "approaches" but we all must make the same effort to ensure that you the consumer are ultimately protected. 

    We must all, at first point of contact, ask you the consumer "are you currently working with another Realtor"? - this allows us to make sure you the consumer are not going to sign a contract with more than one of us and potentially owe a commission to more than one of us at a time. It also helps us to not step on each other's toes.

    We also must, at first point of contact, explain the CT Laws of Agency to you. We do this to protect you. I tend to think of it as the "Merandising" of the potential Client. You do have the right to remain silent and you need to exercise that right to not share the "who, what, when, where and why" of your personal information, until you have decided to work with a Realtor as either a Buyer's Agent, a Seller's Agent, or in some cases, as a Dual Agent. Once you make that decision, the Agent owes you fiduciary duties as described below, not the least of which is confidentiality. For your reading pleasure, the following is a brief overview of CT Agency Law:

    SELLER AGENCY
     

    Definition:   A Seller's Agent means a real estate broker or real estate salesperson who acts in a fiduciary capacity for the seller and/or lessor in a real estate transaction.

     

    When a seller or lessor enters into an agreement for representation with a seller's agent, the seller or lessor becomes the seller's agent's client. The seller or lessor may authorize the seller's agent to contact other brokers, including associates of other real estate firms, to represent the seller or lessor in marketing their property as seller's agents. This means both the seller's agent and these other brokers represent the seller or lessor. The seller's agent owes the seller or lessor undivided fiduciary obligations, such as: obedience to lawful instruction, loyalty, full disclosure, confidentiality, accountability and reasonable skill and care. The seller's agent must put the seller's or lessor's interest first and negotiate for the best terms and conditions for the seller's agent's client.

    BUYER AGENCY

     

    Definition:    A Buyer's Agent means a real estate broker or real estate salesperson who acts in a fiduciary capacity for the buyer and/or lessee in a real estate transaction.

     

       When a buyer or lessee enters into an agreement for representation with a buyer's agent, the buyer or lessee becomes the buyer's agent's client. The buyer or lessee may authorize the buyer's agent to contact other brokers, including associates of other real estate firms, to represent the buyer or lessee in locating property as buyer's agents. This means both the buyer's agent and these other brokers represent the buyer or lessee. The buyer's agent owes the buyer or lessee undivided fiduciary obligations, such as: obedience to lawful instruction, loyalty, full disclosure, confidentiality, accountability and reasonable skill and care. The buyer's agent must put the buyer's or lessee's interest first and negotiate for the best terms and conditions for the buyer's agent's client.

    DUAL AGENCY

     

    Definition:   A Dual Agent means a real estate broker or real estate salesperson who acts in a fiduciary  capacity for both the seller and buyer or lessor and lessee.  

     

    A dual agent may represent both the buyer and seller or lessor and lessee provided such dual agent obtains the informed consent of the parties. The dual agent is then considered a disclosed dual agent.  The dual agent owes the buyer and seller or lessor a duty to deal with them fairly and honestly.  In this type of agency relationship, the dual agent does not represent either the buyer and seller or lessor and lessee exclusively and the parties cannot except the dual agent's undivided loyalty.  The dual agent may not reveal any confidential information which would provide a negotiating advantage to either party except as authorized by either party or required by law.


    If you are a Buyer, it is important to note that without a Buyer Agency contract, according to CT law, a Realtor can only show you a home offered for sale by their brokerage house. This means in order for you to see everything that a marketplace has to offer, you would literally have to go from brokerage house to brokerage house to see what it is they have to offer. This is not only a huge waste of your time and energy, it can be very confusing. Pick a Realtor and work with him or her.

    You do have the right to be an unrepresented person in a Real Estate transaction. As an unrepresented person, the Agent you are talking to is the Fiduciary of someone else, and not representing your best interests. Why in the world would you want to be unrepresented? You want someone who knows what they are doing out there working for you! It will pay off in the end for you to choose a Realtor to work with and let him or her really work for you.

    It does make a difference who you work with. Take the time to get to know the person. You should be comfortable with them...after all, you will be spending a good deal of time with them. Ask them questions, interview them for the job. This is important stuff, the family home to this day constitutes the majority of most people's personal wealth. Who do you want to assist you in making this kind of investment?

    If you are in need of an experienced Realtor, I would love the opportunity to represent you.

    Brooke Buccieri, Lic. Real Estate Broker

  • Search the MLS just like a Realtor!

    Posted Under: Home Buying in Stamford  |  August 1, 2010 6:15 AM  |  280 views  |  No comments

    Have you ever wanted to look at the Multiple Listing System from the comfort of your own home, just like a Realtor does? Well, now you can!

    The Greater Fairfield County CMLS has enabled it's participating Realtors to give their clients and customers access to it's listings via a program called Listingbook. This is a service that we have elected to
    provide all of our clients, Buyers and Sellers alike. This will give you access to the same database that we use in the real estate business and you can access it 24/7 from any computer. It will provide you with up-to-the-minute data on all the properties that are on the market that matter to you.


    If you are not already contractually obligated to work with another Realtor I would be happy to provide you with this service as well. By clicking on the following link: http://brookebuccieri.listingbook.com/   you will be asked to provide your name and email address. Providing your telephone number is optional. Your account is free and loaded with powerful and helpful tools you will not find in any other service. It is extremely easy to use.

     

    With Listingbook you can easily:

     

    ·      Find any home in the Multiple Listing Service- just like we do!

    ·      Make an informed decision and find your dream home quickly.

    ·      Receive automatic notification of price reductions and new listings.


    You will get an email from Listingbook Messenger to activate your user code and

    password. Please make sure to WRITE THEM DOWN! To make sure the Listingbook email isn't sent to a SPAM folder by mistake, please add mailservice@listingbook.com to your address book or contacts.


    Remember, no computer program can replace the valuable advice your Buyer's Agent or Seller's Agent can provide you with. If you find you have questions and would like to work with me, once you give me the opportunity to present ourselves and explain CT laws of agency to you, I will be happy to help you in any way I can.

    My past clients have raved about the power of Listingbook and I am very proud to be able to offer it to you. 

    I look forward to the opportunity to work with you.

     

    Best regards,

     

    Brooke Buccieri, Licensed Real Estate Broker

 
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