Our Different Approach

Real estate law in Maine grants agencies a choice on how to organize to conduct real estate brokerage. The agency can be either a “Single Agency” or an “Appointed Agency”. Single Agency means everyone in the agency has fiduciary duties to all clients. Appointed Agency means only the appointed agent assigned to a client via the listing agreement has fiduciary duties to that client. So, if you sign a listing agreement with an appointed agent from a large agency, the agent is the only one who owes you fiduciary duties, not the agency. Within these agencies every licensee is an independent contractor and must keep their client’s business confidential from their peers.

We take a different approach.

Great Moose Real Estate is a Single Agency. By design, Maine Real Estate Law ensures there is no competition in a Single Agency. This entire agency has fiduciary duties to all clients. We pride ourselves at exceeding our client’s expectations, taking the worry away and achieving the best results possible. We are not a big agency and there are only so many families we can help at any one time. We function almost like a team from a large agency with one very important difference. This entire agency has fiduciary duties to all clients. Are you beginning to see our different approach? You can have a relationship with an agency entirely devoted to you as a client, customizing the process to your needs and saving you money. Or, you can have a relationship with an appointed agent, assigned to you by a large agency with no fiduciary duties to you.

Here are the Fiduciary Duties owed to every client under Maine Real Estate Law.

Obedience - agent must obey the client’s lawful instructions.
Loyalty - legal expectation that the agent will put his client’s interests ahead of his personal interests.
Disclosure - requires an agent to disclose to his client material facts.

Confidentiality - agent has a duty to keep the confidences of his client.
Accounting - agent has a duty to account for all monies and be prepared to tell all parties where the money is.
Reasonable Care - agent has a duty to be reasonably careful in the conduct of the business of the client.
Diligence - agent has a duty to pursue the client’s business with all due diligence.

Just remember O L D C A R D

Here’s another piece of Maine Real Estate Law you should know about, Disclosed Dual Agency.

When an agency practices Disclosed Dual Agency, that agency grants agents the ability to represent both a seller client and a buyer client in the same real estate sale. Almost all Appointed Agency’s practice Disclosed Dual Agency. You grant permission for this in the listing agreement you sign, sometimes by simply having a box checked granting permission. Many people don’t even know they granted their agent permission to practice Disclosed Dual Agency until it’s too late. Many times a seller is told by an agent they have buyers wanting to buy their property already, and being a Disclosed Dual Agent is the best way to handle this, so the seller grants Disclosed Dual Agency in the listing agreement. However a seller gets themselves into a Disclosed Dual Agency situation, their fiduciary duties become limited, as they are now treated the same as the other side of the sale. No more exclusive representation. Here is how your Fiduciary representation becomes limited in a Disclosed Dual Agent scenario.

Per Maine Real Estate Law, a Disclosed Dual Agent may NOT promote the interests of one party to the detriment of the other party.

A Disclosed Dual Agent MAY disclose any information to one party that the Disclosed Dual Agent gains from the other party if that information is relevant to the sale, except for the following:

1. The willingness or ability of the seller to accept less than the asking price;

2. The willingness or ability of the buyer to pay more than has been offered;

3. Confidential negotiating strategy not disclosed in the sales offer as terms of the sale; and

4. The motivation of the seller for selling and the motivation of the buyer for buying.

Again, a Disclosed Dual Agent cannot promote the interests of one party over the interests of another party. In a sale where interests are adverse (which is more often that not), this seems like a tricky path to follow. Consider the following examples:

John Doe is a Disclosed Dual Agent representing the seller and buyer. He knows his seller is getting divorced and highly motivated to sell. And the buyer wants to get the kids into the school system before the start of the new year, so is also highly motivated. John Doe can’t disclose the motivation of either party to the other. In their negotiations they are $10,000.00 apart, both desperate for the sale to come together. John Doe suggests they split the difference, so he is not promoting the interests of one party over the interests of the other.

In the same sale, the property goes under contract. During the building inspection it turns out there are elevated levels of radon in the property and mitigation is required. Who will pay for it? John Doe must negotiate this without promoting the interests of one over the interests of the other. And again, John Doe suggests they split the difference, so he is not promoting the interests of one party over the interests of the other.

In practical terms, Disclosed Dual Agency is perceived to be a bit tricky. Some agents practice Disclosed Dual Agency with ease. Others live in fear they will make a mistake and so steer clear of it. And clients don’t know what they are getting into until it’s too late. Maine Real Estate Law permits the practice, so the choice is up to the agency first and foremost.

Great Moose Real Estate does NOT practice Disclosed Dual Agency. We represent only one side of any real estate sale as our client.

We are not interested in giving up our client’s negotiating power and limiting our fiduciary duties to our clients.

Now you understand “Our Different Approach” to real estate brokerage in Maine.

Auspicious Results!

Proven strategies, whole product solutions & exceptional results are what you can always expect from Great Moose Real Estate. 

Considering a different approach?  Better call Chris and see for yourself.

Chris Griffith
Designated Broker/Owner
Great Moose Real Estate
210 Payne Road
Scarborough, ME 04074
(207) 232 8817
cgriff@greatmoose.com