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Although the typical agency agreement spells out the fiduciary duties an agent must fulfill for the seller, the buyer is often left, in a sense, not represented. However, buyers too have the option of being represented exclusively by their own agent. Consider the following benefits: Obedience: - Must follow the lawful instructions of the principle (buyer).
Disclosure of all material facts: Examples, but are not limited t - Relationship between agent and other parties
- Existence of other offers
- Status of earnest money
- Seller's financial condition
- Properties true worth
- Commissions split with other brokers
- Legal effects of important contract provisions
Confidentiality: - Any discussions, facts, or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealing with all parties
Accounting in dealings: - Reporting of where any money placed in the hands of broker is kept
Reasonable skill and care: - Arriving at a reasonable purchasing price and advising buyer of such
- Affirmatively discovering material facts and disclosing them to the buyer
- Investigating the material facts related to the sale
As a Buyer's Agent, I represent you and your interests in the purchase of your new home, not the seller's interests. When you are looking to make the biggest investment of your life, it is not hard to understand why it is important to be represented exclusively. Back |
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*Each Office Independently Owned and Operated.
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