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Tracy Stepp Real Estate Agent Serving the Central Indiana area including: Noblesville Indiana Real Estate * Carmel Indiana Real Estate * Fishers Indiana Real Estate * Westfield Indiana Real Estate * Indianapolis Indiana Real Estate * Cicero Indiana Real Estate * Arcadia Indiana Real Estate * Sheridan Indiana Real Estate * Pendleton Indiana Real Estate * Lapel Indiana Real Estate * Atlanta Indiana Real Estate * Hamilton County Indiana Real Estate * Morse - Geist Real Estate.
[Sellers
Agent]
[Buyers Agent]
[Limited
Agent]
The agency relationship is based on one person representing the interests
of another person.
Real estate agents (licensees) are licensed by the state to represent
a person for the sale or
leasing of a property. The responsibility of the real estate agent
is defined by the state law
relating to agents, the REALTORS® Code of Ethics, and general
principles of agency law.
The type of relationship formed between the agent and the client is
called a fiduciary
relationship. A fiduciary relationship is one based on trust because
the agent owes the
following duties to the client:
• Loyalty
• Diligence
• Confidentiality
• Obedience
• Disclosure
• Accounting
• Reasonable Care
The courts strictly enforce the agency duties so that the client can
rely on the agent putting
the client's interests before those of anyone else. The courts also
require that the real estate
agent be fair and honest to all parties in all aspects of the
transaction.
The source of compensation does not, in and of itself, determine agency.
It can be paid by
the buyer, seller, both or neither (subject to restrictions under
applicable state law).
However, there must be informed consent, written in advance, as to
who is paying.
[Agency] [Sellers
Agent] [Buyers Agent]
[Limited Agent]
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[Agency]
[Buyers Agent]
[Limited
Agent]
Historically throughout the country, real estate agents have represented
the seller in real
estate transactions. Sellers are accustomed to having agents work
for them and represent
them in selling their real estate. When a seller lists real estate
for sale, the licensee working
with the seller becomes the seller's agent to sell that real estate.
That licensee owes all the
fiduciary duties to the seller and not to buyers interested in the
home.
Seller's agents represent only the seller and not the buyer. However,
a seller's agent must
treat buyers fairly and honestly. Also, state law requires that seller's
agents disclose the
existence of material defects in the seller's real estate.
A seller's agent will work diligently to market and sell the seller's
real estate and obtain a
satisfactory price for the real estate.
[Agency] [Sellers
Agent] [Buyers Agent]
[Limited Agent]
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[Agency]
[Sellers
Agent]
[Limited
Agent]
Since 1994, Buyer Agency has become a prevalent form of agency in
Indiana. Buyers
appreciate knowing their interests are represented by the agent and
the agent is working for
the buyer only and not for the seller.
When a buyer is represented by an agent, all the fiduciary duties
are owed to the buyer by
that agent. The buyer has the freedom to discuss the value of properties
and personal
finances and negotiate strategies with the agent. The buyer can obtain
the opinion of the
agent concerning the condition of the property, the effect of
improvements, the seller's
motivation for selling, and a variety of information which a seller's
agent cannot provide.
A buyer's agent will make a commitment to make every reasonable effort
to locate the
property described by the buyer.
However, Tracy Stepp, will act as a buyer agent only with respect
to selected properties
listed through the MLS system of the Metropolitan Indianapolis Board of Realtors.
Buyers with
whom Tracy Stepp has an established a buyer agency relationship with, and
who desire information
pertaining to properties not listed through the MLS system should
discuss their interest in the
Non-MLS property with Tracy Stepp, who may advise buyer to seek separate
independent
representation, or if seller/owner is willing to work with, & the parties
agree to compensate
Tracy Stepp, then a limited agency arises, the clients and Tracy Stepp may
agree to modify
the agency relationship, see Limited Agency.
[Agency] [Sellers
Agent] [Buyers Agent]
[Limited Agent]
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[Agency]
[Sellers
Agent]
[Buyers Agent]
Licensed licensees of Real Estate Brokers list properties for sale,
thereby forming an agency
relationship with the seller. Throughout the listing period the seller develops
an increasing
level of trust in the agent, who is obligated to put the seller's interests
first.
That same licensee may also form an agency relationship with buyers,
who develop an
increasing level of trust in the agent, who is obligated to put the
buyer's interests first.
A particular buyer may be interested in purchasing a property that
is listed by the buyer's
agent, and this situation creates a limited agency. Technically, a
limited agency arises when
one licensee or agent has a relationship with two clients who have
opposing goals (Buyer and seller).
Very often the clients are working with different agents who do not have
a personal
relationship with the other client. When a limited agency is formed,
the agency relationship
is altered and the agent will notify each client.
If a limited agency arises, the clients and agents agree to modify
the agency relationship.
The agents must not disclose any information that would create a
negotiating advantage for
either client. The agents must treat the interests of the buyer and
seller equally.
[Agency] [Sellers
Agent] [Buyers Agent]
[Limited Agent]
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info
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Tracy Stepp is an experienced Real Estate Agent who is an expert in the Noblesville Indiana Real Estate Market and the surrounding communities of; Carmel, Fishers, Westfield, Indianapolis, Cicero, Hamilton County Indiana Real Estate, Geist & Morse Lake Real Estate.
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