WELCOMEWELCOMEto to

The Candy Connection First The Candy Connection First time homebuyers workshoptime homebuyers workshop

Information provided & Information provided & presented bypresented by

Arletha (Candy) Myers, Arletha (Candy) Myers, Realtor ®Realtor ®

Long and Foster Real Estate, Inc.

Bel Air

Arletha (Candy) Myers, Realtor®Arletha (Candy) Myers, Realtor®Long and Foster Real EstateLong and Foster Real Estate3004 Emmorton Road3004 Emmorton RoadAbingdon, MD 21009Abingdon, MD 21009  410 879-8080 (O)410 879-8080 (O)443 421-1903 (C)443 421-1903 (C)

The broker accepts no expressed or implied liability The broker accepts no expressed or implied liability due to the contents of this report. Although the facts due to the contents of this report. Although the facts have been obtained from sources deemed reliable have been obtained from sources deemed reliable and are believed to be correct, no liability is assumed and are believed to be correct, no liability is assumed by it author. Any unauthorized use of this report by it author. Any unauthorized use of this report without prior written approval is strictly prohibited.without prior written approval is strictly prohibited.  

Homebuyer Decides to Homebuyer Decides to BuyBuy

That’s it! I’m tired That’s it! I’m tired of wasting money of wasting money in rent. I’m tired of in rent. I’m tired of paying some else’s paying some else’s Mortgage for them. Mortgage for them. I think I’ll try and I think I’ll try and buy my first home. buy my first home.

BUYER SELECTS SELLING BUYER SELECTS SELLING ASSOCIATE/BROKERASSOCIATE/BROKER

RE/MAX

Long & Foster Real Estate, Inc.

Coldwell Banker Residential Brokerage

ERA

Century 21

Advance Realty

Keller Williams

Pen Fed RealtyETC

UNDERSTANDING UNDERSTANDING WHO THE REAL WHO THE REAL ESTATE AGENT ESTATE AGENT REPRESENTSREPRESENTS

Maryland State Law has Maryland State Law has CHANGEDCHANGED

Everyone involved in a real estate transaction shouldunderstand the unique role of real estate agents. Thisrole has been defined over the years by law and by custom. In the past, real estate agents generally worked for sellers, assisting them in finding qualified buyers for their property. Thus, buyers were typically considered customers and the real estate agent’s obligations remained solely with the seller. As the industry changed, more and more homebuyers wanted to have an agent working for them, so exclusive buyer representation became the norm. In October 2016, Maryland law concerning agencyrelationships changed. Whether you are consideringbuying a home or selling a home, it is important that youunderstand the role of real estate agents and the types ofagency relationships that exist.

As soon as you begin discussions with a real estate agent,you should understand what type of agency relationship orrepresentation exists between you and the agent.There are four kinds of agency relationships:

Seller Agency Buyer Agency Dual Agency and Intra-Company Agency

The difference between a Client and a Customer further defines the nature of agency relationships. A Client is a buyer or seller who has entered into a written agency agreement and is represented by an agent. The agent provides advice and also owes the Client duties of reasonable care: loyalty, disclosure, confidentiality, diligence and accounting.

A Customer is a buyer or seller who has not entered into a writtenagency agreement and is not represented by an agent. A customeris entitled to honest treatment, including disclosure of materialadverse facts known to the agent.

Agency Agency Disclosure Disclosure law requires real estate agents to provide writtenlaw requires real estate agents to provide written disclosures to unrepresented parties, explaining who the agent isdisclosures to unrepresented parties, explaining who the agent is representing and what the agent’s responsibilities are. These writtenrepresenting and what the agent’s responsibilities are. These written disclosures are prepared by the Maryland Real Estate Commission.disclosures are prepared by the Maryland Real Estate Commission. If you are an unrepresented buyer or seller, the agent representingIf you are an unrepresented buyer or seller, the agent representing the other party will ask you to sign the disclosure form. The purposethe other party will ask you to sign the disclosure form. The purpose of this form (called the “Understanding Whom Real Estate Agentsof this form (called the “Understanding Whom Real Estate Agents Represent” form) is simply to inform you who the real estate agentRepresent” form) is simply to inform you who the real estate agent represents. This form represents. This form is not is not a contract and does not establish ana contract and does not establish an agency relationship between you and the agent. agency relationship between you and the agent. You will be askedYou will be asked to sign the form simply to acknowledge that the agent provided theto sign the form simply to acknowledge that the agent provided the written disclosure as required by Maryland law.written disclosure as required by Maryland law.

Just as a written Listing Agreement is required to represent the seller,Just as a written Listing Agreement is required to represent the seller, a written Buyer Representation Agreement is required to represent a buyer, a written Buyer Representation Agreement is required to represent a buyer, referred to as referred to as Buyer AgencyBuyer Agency.. The buyer agent owes the buyer the duties The buyer agent owes the buyer the duties of reasonable careof reasonable care: : loyaltyloyalty,, disclosuredisclosure, , confidentialityconfidentiality, , diligencediligence and and accountingaccounting.. Additionally, the buyer agent should disclose any material facts orAdditionally, the buyer agent should disclose any material facts or information about the property which are reasonably known to the buyer information about the property which are reasonably known to the buyer

agent.agent. Buyers Agents Are Obligated to Reveal to BuyersBuyers Agents Are Obligated to Reveal to Buyers**:: Any known willingness of the seller to accept a lower price.Any known willingness of the seller to accept a lower price. Facts relating to the urgency of the seller’s need to dispose of the property.Facts relating to the urgency of the seller’s need to dispose of the property. The agent’s relationships to the seller or interest in the property for sale.The agent’s relationships to the seller or interest in the property for sale. Facts affecting the value of the property.Facts affecting the value of the property. The length of time the property has been on the market and allThe length of time the property has been on the market and all other offers or counteroffers.other offers or counteroffers. Information that would affect the buyer’s ability to obtain theInformation that would affect the buyer’s ability to obtain the property at the lowest price and on the most favorable terms.property at the lowest price and on the most favorable terms.

Buyer AgencyBuyer Agency

Seller AgencySeller Agency

Seller Agency Seller Agency is the “traditional” is the “traditional” agency relationship. Simply put,agency relationship. Simply put,

the listing agent represents the seller the listing agent represents the seller pursuant to a written Listingpursuant to a written Listing

Agreement and owes the dutiesAgreement and owes the duties of of reasonable carereasonable care: : loyaltyloyalty, , confidentialityconfidentiality, , diligence, fiduciarydiligence, fiduciary and and accountingaccounting..

Sub AgencySub Agency

Subagency is another type of seller agency. In the Listing Agreement, the seller may authorize the listing company to extend the agency relationship outside itself and its agents. This relationship, called subagency, allows real estate agents from other companies to show the home to buyer customers, meaning, buyers who have not entered into a written buyer agency agreement. In this situation, the listing agent and subagent both represent the seller, while the buyer remains unrepresented.

Dual AgencyDual Agency

When a buyer client of a real estate company becomes interested When a buyer client of a real estate company becomes interested inin

property listed by that company, the real estate company, or property listed by that company, the real estate company, or broker,broker,

becomes a dual agent (Dual Agency). This means that the becomes a dual agent (Dual Agency). This means that the companycompany

has a legal obligation to represent both parties and a duty tohas a legal obligation to represent both parties and a duty to maintain the confidentiality of information obtained from each maintain the confidentiality of information obtained from each

party.party.

Intra-Company AgencyIntra-Company Agency When both seller and buyer agree to Dual Agency by signing aWhen both seller and buyer agree to Dual Agency by signing a Consent for Dual Agency form, the real estate company (“dualConsent for Dual Agency form, the real estate company (“dual agent”) will assign one agent to represent the seller (the seller’sagent”) will assign one agent to represent the seller (the seller’s “ “intra-company agent”), and another agent to represent the buyerintra-company agent”), and another agent to represent the buyer (the buyer’s “intra-company agent”).(the buyer’s “intra-company agent”).

Intra-Company Agents Intra-Company Agents are required to provide the same servicesare required to provide the same services to their clients that agents provide in transactions not involving dualto their clients that agents provide in transactions not involving dual agency, including advising their clients as to price and negotiationagency, including advising their clients as to price and negotiation strategy.strategy.

Seller Agents, as With All Agents, Are Obligated by aCode of Ethics:

• To respond honestly to questions about the property from the buyer.• To disclose material adverse facts about the property to the buyer.• To present all buyer offers to the seller promptly.

How Seller Agency Affects the Buyer.

The seller’s agent can be helpful to the buyer in a variety of ways. The seller’s agent can show the buyer available properties, describe the attributes and amenities of properties, provide information about sources of financing, and submit the buyer’s offer to purchase. These are called “ministerial acts”. They do not bring about an agency relationship between the buyer and sales agent.

There are many steps to the There are many steps to the homebuying processhomebuying process

Understand your options

Buyer determines buying Buyer determines buying needs and purchasing needs and purchasing

powerpowerBuyer sits with a Buyer sits with a

Lender to Lender to determine what determine what they can afford to they can afford to spend on their spend on their new home.new home.

Buyers review available Buyers review available properties for sale with properties for sale with

their agenttheir agent

BUYER MAKES AN OFFER BUYER MAKES AN OFFER TO PURCHASETO PURCHASE

• Accept it Accept it

Reject itReject it

Make a counter offerMake a counter offer

OFFER ACCEPTEDOFFER ACCEPTED

Buyer & Sales Associate Buyer & Sales Associate arrange for Inspectionsarrange for Inspections

Termite

RadonHome Inspection

Well

Septic

Lead Base Paint

SETTLEMENTSETTLEMENT

CONGRATULATIONS!CONGRATULATIONS!

Best Wishes for much success in Best Wishes for much success in your quest for Homeownership.your quest for Homeownership.

Call me if you have any questions.Call me if you have any questions. If you have already hired a If you have already hired a

Realtor® please do not contact me. Realtor® please do not contact me. If you need to hire a Realtor® If you need to hire a Realtor®

please contact me for an interviewplease contact me for an interview

AccreditationsAccreditations

Arletha (Candy) Myers, Realtor®Arletha (Candy) Myers, Realtor®Long and Foster Real Estate, Inc.Long and Foster Real Estate, Inc.

3004 Emmorton Road3004 Emmorton RoadAbingdon, MD 21009Abingdon, MD 21009

  410-879-8080 (O)410-879-8080 (O)443 421-1903 (C)443 421-1903 (C)

Email: thecandyconnection@gmail.com Email: thecandyconnection@gmail.com

Broker/Manager Direct # 410-879-8080Broker/Manager Direct # 410-879-8080Manager: Mike ScarboroughManager: Mike Scarborough

Arletha (Candy) MyersArletha (Candy) Myers Connecting Buyers & Sellers by opening Connecting Buyers & Sellers by opening

one DOOR at a TIMEone DOOR at a TIMEVisit my webpage to tour every home for Visit my webpage to tour every home for

salesaleAnd coming soonAnd coming soon

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