Are you aware of how real estate agency works in South Carolina? It may be different from what you think.
In South Carolina, state law maintains that the agent (or REALTOR) must represent at least one
of the parties in the transaction unless you are a TRANSACTION BROKER with limited service. There are also options like
DUAL AGENCY and DESIGNATED AGENCY designed to prevent conflict of interest.
Consumers should be aware of their rights, and the law requires all agents to explain agency to consumers at their first substantive meeting.
The LISTING AGENT always represents the seller. Sometimes a buyer will purchase a home with the help of the listing agent.In this case, known as DUAL agency, the agent assists both the buyer and the seller in the transaction. However, it is also possible
that the buyers want an agent representing their interests exclusively (BUYER’S AGENT) , a service which is available at no additional cost to the buyer.
Any real estate agent licensed in SC can act as your buyer’s agent, helping you identify homes that meet your buying criteria, and representing your best interests in the transaction (for existing homes, or new construction). And their commission is normally
paid out of the seller’s commission negotiated via the MLS.
However, if the buyer’s agent works for the same brokerage as the listing agent, dual
or designated agency
apply. The law demands that both parties agree to using one or the other, to make sure no party is favored and that no confidential information is passed from one party to the other, to guarantee a fair transaction.
Still have questions? Call/text 843-900-0155. We are here to help!