March 5th, 2011 at 10:51 pm
Given the recent change in our policy regarding Personal Transactions, we are getting numerous questions regarding what an agent can and cannot do in this regard. In order to avoid any confusion, please be aware that, in general, our policy is as follows:
1. First, an agent cannot represent themselves in the sale of any property in which they, their spouse or their life partner has any interest. In such an instance, the listing must be handled by another agent within the Company.
2. Next, an agent can represent themselves when buying or renting property. Those transactions are outside our Personal Transaction Policy. (For the specifics of the Policy, please refer to the document itself).
Given those guidelines, we have seen a number of transactions recently where the agent/seller complies with the Policy and hires a listing agent for the property, but then brings in their own buyer and represents that buyer in the subject transaction. That, of course, cannot be done. Regardless of who is representing the property, an agent/seller clearly has a conflict of interest with the buyer of his/her property. Think of all the issues that have to be negotiated in the deal (repairs, cost sharing, hold backs). If I am the seller of the property, even if I am represented by another agent, I cannot properly represent the buyer in those negotiations, which are actually with myself. So please remember that under no circumstances may you represent the buyer of your own property. As always, please let us know if you have any questions.
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