Your real estate agent will work closely with you throughout the home buying or selling process. A good agent will understand your lifestyle in order to help you either find the right neighborhood and home that fits as many of your wants and needs as possible while keeping with your budget or market your home in a manner that minimizes disruption to your everyday routine. It is important to understand the level of representation you can expect from your agent.
Every agent owes certain fiduciary duties to their clients. These specifically are: loyalty, obedience, disclosure, confidentiality, reasonable care and diligence, and accounting. The following chart explains what each of these duties mean to the buyer or the seller.
|BUYER’S AGENT||SELLER’S AGENT|
|Loyalty||Must do everything possible to gain an advantage for the buyer.||Must do everything possible to gain an advantage for the seller.|
|Obedience||Must obey all lawful
instruction of the buyer, is not obligated to obey
instructions from the seller.
|Must obey all lawful
instruction of the seller, is not obligated to obey
instructions from the buyer.
|Disclosure||Must tell the buyer
everything they can find out about the seller. Must tell buyer everything they can find out about the property.
|Must reveal any known
material defects in the property.
|Confidentiality||Must keep all information about the buyer
confidential, including an ability or willingness to pay more for the property than they are offering.
|Must tell the seller
everything they can find out about the buyer, including all financial details they can obtain. Must conceal
anything about the seller that would help the buyer gain an advantage.
|Care||Must prepare themselves through education and study to competently
represent the buyer in all
|Must prepare themselves through education and study to competently
represent the seller in all matters.
|Accounting||Must account to buyer for any money or documents entrusted to the agent.||Must account to seller for any money or documents entrusted to the agent.|