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 are 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...