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Yesterday, I spoke briefly about the unique qualities related to buying real estate in Arizona specifically, the unfamiliarity with their contracted laws by foreign real estate buyers and specifically Canadian real estate buyers.
As I embark on this multipart series on the Arizona Association of realtors documents I will be referring primarily to buyers however we will speak somewhat about the sellers responsibilities as well.
The first and most important document that will be presented to you by a good Phoenix Arizona real estate agent, will be the real estate agency disclosure and election. Why is this the most important? Most important, is my opinion. However this document is required and it is critical that you read it and understand why a Arizona real estate agent is asking you to sign this. This is not an employment contract. Again I need to reiterate, this is not an employment contract. This does not outline commissions and does not require you to pay commissions and this does not preclude you or prohibit you from using other real estate agents. This document the Arizona real estate agency disclosure and election is simply the responsibilities of your broker. In fact online 45 of this contract it says clearly this is not an employment contract.
The disclosure simply is the responsibility of the buyer broker, the sellers broker or in some rare cases dual representation in which your agent, your Arizona real estate broker will be representing the buyer and seller. The responsibilities of the agent are per line 9 section a a buyer’s broker has the fiduciary duties of loyalty, obedience, disclosure, confidentiality and accounting in dealing with you as their client.
It is critical that not only you, the AZ Real Estate buyer understands these responsibilities, but it is equally critical that your Arizona real tour understands their responsibilities. If he your representative in a Scottsdale Arizona, Phoenix Arizona real estate purchase or real estate sale does not understand these duties and cannot repeat them to you unequivocally, it is worth taking pausing considering who you’re asking to represent you in one of the most significant financial decisions you make for you and your family. What does all this mean? It means that your real estate broker, your real estate agent is committing their loyalty to you as you give your trust in them to represent you fairly. Importantly, this responsibility does not end should not buy real estate with them or you choose to us another agent.
finally, it is imperative that I point out that this relationship extends beyond their representation of you to the seller. This relationship pertains to eat the Arizona real tour representation of you to the us listing agent. Your broker must not disclose anything but your direct offer terms, they must not disclose your financial position or intent than otherwise disclosed in the written documents or with your express permission.
If I can stress one important factor, is that experienced real estate agents take this responsibility is seriously as attorney client privilege. Make sure you use an Arizona real estate agent who appreciates this importance.
If I can be of any further help, assistance in understanding this document or your search to buy real estate in Phoenix, fountain Hills, Scottsdale, Chandler, or any real estate in greater Phoenix Arizona please e-mail me at Dan Wexler@Hotmail.com or call me directly at 480-200-9097.
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