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Free Brochure describes the "Oklahoma Broker Relationship Act"
Whether you are Buying or Selling a home, it WILL affect you!
Effective November 1, 2000 a new law called the "Oklahoma Broker Relationship Act" Title 59, Oklahoma Statutes, Sections 858-351 to 858-363, totally changed how relationships between real estate licensees and the general public are established.
Major changes include terminating "Agency Relationships". Establishing "Single-Party Brokers" (a broker who has entered into a written brokerage agreement with a party in a transaction to provide services for the benefit of that party, i.e. you will have advocacy), and "Transactional Brokers" (a broker who provides services by assisting a party in a transaction without being a advocate for the benefit of that party).
If a broker does not enter into a written brokerage agreement with a party the broker shall perform services only as a transactional broker. In other words, if you are looking at homes without signing a Buyers Agreement with a Realtor, then you will NOT have representation or an advocate for your benefit.
This means if you want "representation" or an "advocate" on your behalf (whether you're a buyer or a seller) by a REALTOR in a real estate transaction, you must sign an agreement with a "Broker". "Broker" is now defined as or refers to: a real estate broker, an associated broker associate, sales associate, or provisional sales associate authorized by a real estate broker to provide brokerage services.
How does this affect you the consumer? Typically, the Listing Broker represents the Seller, and can only represent you as a Transactional Broker. They are not your advocate. If you do decide to buy on your own, you are assuming all the risks, i.e. Caveat Emptor (Let the Buyer Beware).
Also, if you decide to buy directly from a (FSBO) For Sale By Owner without help from a professional, they are still required to disclose defects, by statute. It is a true Caveat Emptor (Buyer Beware) situation! I recommend using a professional, even if you have to pay a fee. Most brokers will write offers for you at an affordable discounted fee if the sellers refuse to pay. It would be a small price to pay for peace of mind!
My advice is to look for REALTORS with (ABR) Accredited Buyers Representative designations. This is an accredited designation from the National Association of Realtors. Brokers with this designation have been specifically trained in helping BUYERS avoid costly mistakes and/or pitfalls in buying Real Estate! After all, Buyer Representation is usually FREE to Buyers... sellers usually always pay our fees at closing... so why on earth would you NOT hire a professional?
There is a FREE Brochure available that is a comprehensive description of how this new law affects you, please fill out the form below and I will send it to you, or click Broker Relationships Act Brochure
Questions of interpretation should be referred to an attorney, or fill out my "ASK AN EXPERT" and I will refer your question to the appropriate person.
My last bit of advice is: If you hire a Buyer's Representative to help you find a home, always call them with all your questions and for showings on homes you want to see. If you call a listing agent to show a home or go to an open house without your Buyer's Rep, then the listing broker is only obligated to cooperate NOT compensate the buyer's broker! This means YOU may be liable for the fee. So always tell the listing broker in advance that you ARE working with buyer's broker. They will usually answer any questions, and it will also keep them from pestering you for your phone number! Be loyal to your Buyers Reps... they will appreciate it!
If you have any questions please call me anytime at 405-912-1000!