Types of Agency

The state of South Carolina dictates that real estate brokers represent either the buyer or the seller in a transaction. The only exception being a “disclosed dual agency” arrangement whereby there is a prior agreement that the broker will not represent either party, but merely facilitate the transaction by supplying information, drafting contracts, and taking care of closing details. The Metcalf Land Company does not participate in disclosed dual agency.

SELLER AGENCY – A real estate agent who exclusively represents the seller of a property in a real estate transaction. The contract is between the property owner and the real estate company and compensation is paid by the seller. Buyers are treated fairly and are given accurate, dependable information that they can rely on to make an informed decision. We prepare the buyer’s offer and include the specific language that the buyer directs. We then submit the contract to the seller and relay the acceptance or any counteroffer. The ideal situation is achieved with the buyer paying a fair price and the seller receiving a fair price.
BUYER AGENCY – In a buyer agency arrangement, the buyer employs the broker to represent only the buyer’s interest. In turn the buyer, instead of the seller, pays the broker’s commission. This is an excellent way for a novice buyer to tap the skill and expertise of a professional land agent. This knowledge can often mean the difference between success and failure when attempting to acquire high demand properties from difficult sellers.

DISCLOSED DUAL AGENCY – Dual agency exists when the real estate company has two clients in one transaction – a seller client and a buyer client. In disclosed dual agency, the company’s representation duties are limited because a buyer and seller have recognized conflicts of interest. Both clients’ interests are represented by the company. As a disclosed dual agent, the company and its associated licensees cannot advocate on behalf of one client over the other, and cannot disclose confidential client information concerning the price negotiations, terms, or factors motivating the buyer client to buy or the seller client to sell.

DESIGNATED AGENCY – In designated agency, a broker-in-charge may designate individual associated licensees to act solely on behalf of a seller client and a buyer client. Designated agents are not limited by the company’s agency relationship with the other client, but instead have a duty to promote the best interest of their client, including negotiating a price. The broker-in-charge remains a disclosed dual agent for both clients, and ensures the assigned agents fulfill their duties to their respective clients.