Posted by dealmaker on April 20, 2005 at 20:55:18:
Not sure about the law in AZ, in many states it’s illegal. If he’s a Realtor (trademark symbol) it’s against the code of ethics, unless they’ve been watered down!
dealmaker
Agent-Buyer - Posted by Randy
Posted by Randy on April 20, 2005 at 12:30:37:
I am selling a piece of vacant land that recently went into escrow. The escrow check indicated the name of the company that is purchasing the property. I looked up the company’s information with the State’s (Arizona) Corporation Commission and discovered the President and Secretary of the company is the real estate agent who is brokering the deal. The agent never disclosed that his company was the buyer. He is acting as the buyer’s agent. He is also charging a full commission (10%) of which I am paying half.
Doesn’t the real estate agent have to disclose he is also the buyer? Is his failure to do so illegal or unethical? Should he be charging me a commission?
Re: Agent-Buyer - Posted by Natalie-VA
Posted by Natalie-VA on April 21, 2005 at 17:28:20:
In Virginia, the agent must disclose his interest in the company by law. It’s probably the same in Arizona.
You have to decide what’s more important…getting your deal closed or making a stink about this. Either way the agent should be reported to your state licensing authority, but I wouldn’t kill your deal over it. If the agent disclosed his interest in the company, you probably would still have somehow negotiated the same deal, right?
I can’t emphasize enough how important it is to report this agent, but I would wait until after closing. I’m a broker myself, and I tire of hearing about rotten agents when no one does anything about it. Thanks for letting me vent!