CIS – Seller’s Agent
In New Jersey, there’s a document Realtors use called a CIS (Consumer Information Statement). In this document you’ll find an explanation of what a Seller’s Agent is.In fact, every time we meet a client for the first time, we give them a copy.
The CIS defines what the relationship between a Realtor and the client are. There are four different possible relationships. Each relationship imposes legal duties and responsibilities on the Realtor. In addition, there are also responsibilities on the seller or buyer.
The Seller’s Agent relationship is explained in this post. Additional posts will describe the other relationships.
A Seller’s Agent works for the seller, and only for the seller. The agent has legal obligations, which are called fiduciary duties. And these duties include reasonable care, undivided loyalty, confidentiality and full disclosure. Often, a Seller’s Agent will also work with the buyers. However, they don’t represent the buyers. When a Seller’s Agent does work with a buyer, they must act honestly.
The definition of a Seller’s Agent includes all licensed persons with the brokerage firm.
In Plain English
Here’s my description of the Seller’s Agent and their responsibilities. They must treat everyone fairly. However, they do work for the seller. Consequently, whatever is good for the seller, is what they should do.
Above is a quick synopsis of the description of a Seller’s Agent. This is my interpretation only. I would suggest that you read the entire CIS carefully before you sign. In fact, this is a legal document. It’s also a part of the paperwork necessary to list a home for sale. If you would like to receive a copy, contact me and I’ll send you one.
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