Terms of Use

Terms of Use Agreement

I (“User”) hereby agree to the Terms and Conditions set forth for utilizing the website of The Palisades Real Estate, found at thepalisadesrealestate.com.

1. The User commits to using the information retrieved from this site strictly for personal, non-commercial purposes. The User is prohibited from selling, disseminating, or transmitting any information obtained from the website to third parties, except when evaluating the potential purchase, lease, or sale of a specific property.
2. The User recognizes that the real estate listings on this website are compiled from various MLS data sources. The User acknowledges the MLSs’ rights over their respective databases and the copyright of the information they contain.
3. The User confirms they are no younger than 18 years of age.
4. In searching for property listings, the User pledges to input search criteria that genuinely reflect their interest and capacity to engage in real estate dealings. The User asserts their status as a legitimate buyer, seller, or lessee of property, or as a representative of an MLS, its member, or an authorized delegate.
5. By consenting to these terms, the User agrees to a consumer-broker arrangement with The Palisades Real Estate, which does not bind the User to conduct transactions via The Palisades Real Estate. This agreement indicates that a distinct real estate agency contract may be necessary if the User seeks transactional assistance.
6. The Palisades Real Estate may at its discretion modify these Terms and Conditions without prior notification. Such amendments become effective immediately upon their publication on the site.
7. The User shall indemnify and hold harmless The Palisades Real Estate and its associates from any breaches of these Terms, including unauthorized site usage.
8. The Palisades Real Estate explicitly denies any guarantees regarding the preciseness or dependability of the listing data and other site content. The Palisades Real Estate shall not be accountable for any user reliance on this information, encompassing any direct, indirect, or incidental damages.

Disclosure segments for North Carolina and South Carolina customers should remain, detailing the specifics of real estate agent relationships within those states.

Disclosure for North Carolina Customers:

Working with Real Estate Agents

NOTE: Effective July 1, 2001, in every real estate sales transaction, a real estate agent shall, at first substantial contact directly with a prospective buyer or seller, provide the prospective buyer or seller with the following information [NC Real Estate Commission Rule 21 NCAC 58A.0104(c)].

When buying or selling real estate, you may find it helpful to have a real estate agent assist you. Real estate agents can provide many useful services and work with you in different ways. In some real estate transactions, the agents work for the seller. In others, the seller and buyer may each have agents. And sometimes the same agents work for both the buyer and the seller. It is important for you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other party.

This brochure addresses the various types of working relationships that may be available to you. It should help you decide which relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate agents can provide buyers and sellers, and it will help explain how real estate agents are paid.

SELLERS
Seller’s Agent
If you are selling real estate, you may want to “list” your property for sale with a real estate firm. If so, you will sign a “listing agreement” authorizing the firm and its agents to represent you in your dealings with buyers as your seller’s agent. You may also be asked to allow agents from other firms to help find a buyer for your property.

Be sure to read and understand the listing agreement before you sign it.

Duties to Seller: The listing firm and its agents must – promote your best interests – be loyal to you – follow your lawful instructions – provide you with all material facts that could influence your decisions – use reasonable skill, care and diligence, and – account for all monies they handle for you.
Once you have signed the listing agreement, the firm and its agents may not give any confidential information about you to prospective buyers or their agents without your permission so long as they represent you. But until you sign the listing agreement, you should avoid telling the listing agent anything you would not want a buyer to know.

Services and Compensation:
To help you sell your property, the listing firm and its agents will offer to perform a number of services for you. These may include – helping you price your property – advertising and marketing your property – giving you all required property disclosure forms for you to complete – negotiating for you the best possible price and terms – reviewing all written offers with you and – otherwise promoting your interests.
For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.

Dual Agent
You may even permit the listing firm and its agents to represent you and a buyer at the same time. This “dual agency relationship” is most likely to happen if an agent with your listing firm is working as a buyer’s agent with someone who wants to purchase your property. If this occurs and you have not already agreed to a dual agency relationship in your listing agreement, your listing agent will ask you to sign a separate agreement or document permitting the agent to act as agent for both you and the buyer.

It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.

Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each “designated agent” to more fully represent each party.

If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of – what your relationship is with the dual agent and – what the agent will be doing for you in the transaction.

BUYERS
When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer’s agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller’s agent or subagent). Some agents will offer you a choice of these services. Others may not.

Buyer’s Agent
Duties to Buyer:
If the real estate firm and its agents represent you, they must – promote your best interests – be loyal to you – follow your lawful instructions – provide you with all material facts that could influence your decisions – use reasonable skill, care and diligence, and – account for all monies they handle for you.
Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer’s agent, they may not give any confidential information about you to sellers or their agents without your permission so long as they represent you. But until you make this agreement with your buyer’s agent, you should avoid telling the agent anything you would not want a seller to know.

Unwritten Agreements:
To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer’s agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm, the agent who first showed you the property may seek compensation from the other firm.
Be sure to read and understand any agency agreement before you sign it.

Services and Compensation:
Whether you have a written or unwritten agreement, a buyer’s agent will perform a number of services for you. These may include helping you – find a suitable property – arrange financing – learn more about the property and – other-wise promote your best interests. If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller.
A buyer’s agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer’s agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.

Dual Agent
You may permit an agent or firm to represent you and the seller at the same time. This “dual agency relationship” is most likely to happen if you become interested in a property listed with your buyer’s agent or the agent’s firm. If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer’s agent will ask you to sign a separate agreement or document permitting him or her to act as agent for both you and the seller. It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.

Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each “designated agent” to more fully represent each party.

If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of – what your relationship is with the dual agent and – what the agent will be doing for you in the transaction.

This can best be accomplished by putting the agreement in writing at the earliest possible time.

Seller’s Agent Working With a Buyer
If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent, you can still work with the firm and its agents. However, they will be acting as the seller’s agent (or “subagent”). The agent can still help you find and purchase property and provide many of the same services as a buyer’s agent. The agent must be fair with you and provide you with any “material facts” (such as a leaky roof) about properties.

But remember, the agent represents the seller, not you, and therefore must try to obtain for the seller the best possible price and terms for the seller’s property. Furthermore, a seller’s agent is required to give the seller any information about you (even personal, financial or confidential information) that would help the seller in the sale of his or her property. Agents must tell you in writing if they are sellers’ agents before you say anything that can help the seller. But until you are sure that an agent is not a seller’s agent, you should avoid saying anything you do not want a seller to know.

Sellers’ agents are compensated by the sellers.

Agency Relationships in South Carolina

The SC Real Estate License Law, in Section 40-57-139 (A) (1) and (2), requires a real estate licensee to provide you this brochure and a meaningful explanation of agency relationships offered by the licensee’s Company. This must be done at the first practical opportunity when you and the licensee have substantive contact.

Before you begin to work with a real estate licensee, it is important for you to know the difference between a broker-in-charge and associated licensees. The broker-in-charge is the person in charge of a real estate Company. Associated licensees may work only through a broker-in-charge. In other words, when you choose to work with any real estate licensee, your business relationship is legally with the Company and not with the associated licensee.

A real estate Company and its associated licensees can provide buyers and sellers valuable real estate services, whether in the form of basic customer services, or through client-level agency representation. The services you can expect will depend upon the legal relationship you establish with the Company. It is important for you to discuss the following information with the real estate licensee and agree on whether in your business relationship you will be a customer or a client.

Now You Are a Customer of the Company

South Carolina license law defines customers as buyers or sellers who choose NOT to establish an agency relationship. The law requires real estate licensees to perform the following basic duties when dealing with any real estate buyer or seller as customers:

Present all offers in a timely manner
Account for money or other property received on your behalf
Provide an explanation of the scope of services to be provided
Be fair and honest and provide accurate information
Disclose “adverse material facts” about the property or the transaction which are within the licensee’s knowledge.
Unless or until you enter into a written agreement with the Company for agency representation, you are considered a “Customer” of the Company, and the Company will not act as your agent. As a Customer, you should not expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential.

Customer service does not require a written agreement; therefore, you are not committed to the company in any way.

You Can Become a Client

Clients receive more services than customers. If client status is offered by the real estate Company, you can become a client by entering into a written agency agreement requiring the Company and its associated licensees to act as an agent on your behalf and promote your best interests. If you choose to become a client, you will be asked to confirm in your written representation agreement that you received this brochure in a timely manner.

A seller becomes a client of a real estate company by signing a formal listing agreement with the Company. For a seller to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the seller and the Company which becomes the agent for the seller.

A buyer becomes a client of a real estate Company by signing a formal buyer agency agreement with the Company. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the Company which becomes the agent for the buyer.

If you enter into a written agency agreement, as a Client, you can expect the real estate Company to provide the following client-level services:

• Obedience
• Loyalty
• Disclosure
• Confidentiality
• Accounting
• Reasonable care and skill
• Client-level services also include advice, counsel and assistance in negotiations.

Single Agency

When the Company represents only one client in the same transaction (the seller or the buyer), it is called single agency.

Dual Agency

Dual Agency exists when the real estate Company has two clients in one transaction – a seller client and a buyer client.

At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent to allowing the Company to represent both you and the other client in a disclosed dual agency relationship.

Disclosed Dual Agency

In a 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. Each Dual Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.

Designated Agency

In designated agency, a broker-in-charge may designate individual associated licensees to act solely on behalf of each 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 clients, 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.

At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the Company to designate a representative for you and one for the other client in a designated agency.

Each Designated Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.

What to Look For in Any Agreement

When you choose client-level service, your written Agency Agreement or your agent should answer these questions:

• Can I work with other Companies during the time of the Agreement?
• What will happen if I buy or sell on my own without the agent?
• When will this agreement expire?
• How will the Company be paid for its services?
• Does this Company represent both buyers and sellers as clients?
• If so, what are the choices if two clients become involved in one transaction?
• What duties will the Company continue to provide me after the transaction is completed?
• If you plan to become a client of a Company, the licensee will explain the agreement to you fully and will answer questions you may have about the agreement. Remember, however, that until you enter into a representation agreement with the Company, you are considered a customer and the Company cannot be your advocate, cannot advise you on price or terms, and cannot keep your confidence.

It’s Your Choice

As a real estate consumer in South Carolina, it is your choice as to the type and nature of services you receive.

• You can choose to remain a customer and represent yourself while the Company represents the other party.
• You can choose to hire the Company for representation through a written agreement.
• If represented by the Company, you can decide whether to go forward under the shared of dual agency or designated agency or to remain in single agency.

The choice of services belongs to you – the South Carolina real estate consumer.

This brochure has been approved by the S.C. Real Estate Commission for use in explaining representation issues in real estate transactions and consumers rights as a buyer or seller. Reprinting without permission is permitted provided no changes or modifications are made.

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