Search for New Homes and New Home Builders

Agency Relationships in Real Estate Transactions

Explanation of relationship between iNest Realty and You

South Carolina law allows real estate licensees to perform services for a potential buyer and seller without acting as an "agent", if proper disclosure and explanation of the relationship between the parties is made. iNest Realty is a licensee and is not acting as an "agent" in this potential transaction, and is therefore providing this disclosure and explanation.

When you work with iNest Realty, you are entering into a "customer" relationship, not a "client" relationship, as the terms are defined by the South Carolina Real Estate Commission:

Explanation of term "Customer"

A customer is a person who seeks to buy or sell real estate, but who does not establish an agency relationship with a licensee and, therefore, is not represented by a licensee as his or her agent. As a customer you cannot expect the licensee to act as your agent or to negotiate on your behalf. A real estate licensee can, however, provide valuable market information and services to assist you as a customer. A licensee is also obligated by law to treat customers honestly, to disclose known material facts about the property and to promptly present all offers and counteroffers.

Explanation of term "Client"

A client is a person who establishes an agency relationship with and agrees to be represented by an agent in a real estate transaction. A seller becomes a client of a real estate company by signing a formal listing agreement with a licensee associated with a company. Prior to any transaction this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the seller and the licensee/company who becomes the agent for the seller. A buyer becomes a client of a real estate company by signing a formal buyer agency agreement with a licensee associated with a company. Prior to any transaction this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the licensee/company who becomes the agent for the buyer.

Explanation of term "Agent"

An agent is the licensee who by mutual agreement will act on your direction and represent your interest above all others in a real estate transaction. In South Carolina once an agency relationship is created, the broker-in-charge of the company is considered to be the agent of the client, and all licensees with the company become sub-agents of the broker-in-charge representing that same client. Acting on your behalf, your agent will negotiate for you the best price and terms in a real estate transaction. Your agent owes utmost loyalty to you, the client, and must pass on to you any information he or she knows which might influence your decision to buy or sell. You can rely on your agent to preserve confidential information provided by you. You can expect to receive timely accounting of money or property related to and received during your relationship with your agent.