The first step of each deal is the Agency Relationships. We would like to explain this relationship to our clients to have a better understanding of our job. When a client would like to buy or sell a real estate/business, they need to have an agent. That is why the key factor in choosing the right agent. In addition, You as a client should choose the agent based on your needs. That is why we decided to explain these relationships word by word in this post and future posts.
Agency is a relationship between two parties. One party (the agent) accepts responsibility for representing the other party (the principal) in dealing with a third party. Additionally, the real estate brokerage, as the agent, is employed by a buyer or seller to perform professional services. The agency relationship is typically based on a form called representation agreement.
Third-Party: it is an individual who does not connect with a legal transaction but these transactions will affect them. In a simple way, we can say that the third party is a customer.
Principal: a principal (client) is an individual who authorizes an agent to act on his/her behalf in an agency relationship.
Agency Relationships: a relationship between an agent and a principal in which the agent represents that principal when dealing with a third party. When the principal and the agent signed the representation agreement, the relationship starts.
Commercial real estate is our specialty, and we are doing our best to make sure all parties are happy with their transaction. Our team is here to help our clients step by step through their deals. So, if you need our help, please reply!
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