Understanding Agents

The value of a knowledgeable agent are many. But a few words about how the relationship works.

Your Agent is someone who represents your interests. There a laws governing  the agency relationship to protect your interest. These laws differ from jurisdiction to jurisdiction.

► Fiduciary duties govern the relationship between a real estate agent/broker and a buyer or seller. The agent/broker representing the buyer or seller owes the client confidentially, obedience, fidelity, loyalty, accounting and reasonable skill and care.

► No fiduciary duties exist when a  buyer or seller is not represented by a agent/broker. Yet real estate professionals must deal honestly with the parties in which the interact.

Important term: single agency, dual  agency

► Single agency: The agent represents the seller or buyer and owes their client obedience, loyalty, confidentiality, accountability, fidelity and reasonable skill and care.

► Dual Agency: The agent represents both the buyer and seller with the consent of both and must treat all parties fairly...

Ask DC's Condo Guy !