A buyer's
agent:
- has agreed to represent you (the
buyer)
- protects
and promotes your interests
- is loyal is to you.
This obligation of absolute fidelity to you (the client) and
your interests does not relieve the agent of the obligation to
treat all parties fairly and honestly
- cannot disclose personal
and confidential information about you, such as your
net worth, other properties you might own or what you might be
willing to spend on a property
- has a a fiduciary duty
to negotiate the purchase of your chosen property
at a price and on terms acceptable to you
- a) works under an exclusive buyer’s agency agreement
which ties you to one agent for a specified period of time, and
is legally binding. Or
b) or works under a non-exclusive buyer’s agency agreement
that does not tie you to one agent. Nevertheless, most buyers stay loyal to
one agent even when not legally bound to do so under the
non-exclusive agency agreement.
- Obedience - act as authorized
- Loyalty - act in the interest of the
client
- Disclosure - disclose relevant
information to the client and all material facts
- Confidentiality - never reveal
confidential information regarding the client
- Accountability - maintain and furnish a
true and complete accounting of money
- Reasonable Care or Diligence - be
attentive to the client's affairs and take care to discover
facts and report them to the client
All agents are automatically seller's
agents or seller's sub- agents and represent the interest of the
seller.
An agent only becomes a buyer's agent when a buyer signs a buyer's
agency agreement with that agent.
For more about agency
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