No. While Mumford Company works with both buyers and sellers we only represent the seller in the hotel sales process. A full explanation is found below.
AGENCY
In compliance with Real Estate Board regulations, parties to transactions involving real estate should understand the unique and valuable role that real estate brokers and their agents play in marketing real estate. That role has been defined over the years by both law and custom. The following is intended to give you a brief explanation of that role:
- Brokers and their agents may be employed to represent any party to a real estate transaction.
- Customarily, unless a purchaser has an agreement with a broker that the broker and the broker’s agent will represent the buyer’s interests, the broker and broker’s agents will represent the listing broker and the seller.
- The person the broker and the broker’s agent represent is usually referred to as the “client”, and the other party are usually referred to as the “customer”.
- The broker and the broker’s agents owe the client duties of disclosure, loyalty and faithfulness. At the same time, brokers and their agents are required to treat all parties to a transaction fairly.
- If a broker represents the seller, the broker and the broker’s agents may still provide buyers, as customers, with information about properties and available financing, may show them properties, and may assist them in preparing an offer to purchase a particular property.
- Brokers and their agents have a duty to respond accurately to customer’s questions, to disclose to customers material information about a particular property of which they have knowledge, and to submit all written offers to purchase, sell, option or lease a property promptly to both customers and clients without discrimination.
The Mumford Company is the listing broker for the property. We represent the seller and will be paid a commission by the seller.
