Prospective buyers and tenants have realized in recent years that they may want to have a REALTOR® of their own representing them in a transaction. They do this by forming their own brokerage relationship, usually by written agreement with a REALTOR® who becomes their agent, and who owes them the duties of a standard agent. A representative for the prospective buyer can freely advise the buyer client about all aspects of the property.
A REALTOR® you choose as your agent will fully represent your best interests. An agent owes first allegiance to his or her client. There are some limits, when an agent has two clients in the same transaction (see overlapping brokerage relationships). Brokerage relationships with an individual REALTOR® also bind the other agents and employees of the same real estate company. Among the standard duties a REALTOR® owes a client are:
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Perform the terms of the brokerage agreement . . . |
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Promote the clients best interest by seeking a transaction acceptable to the client . |
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Provide financial accounting . |
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Disclose known material facts about the property or the transaction . . |
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Exercise ordinary care . . |
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Maintain client confidentiality, unless the information to be disclosed is required by law. |
A seller dealing with a buyers’ agent should remember that in this relationship the seller is the customer, and the REALTOR® is working for the buyer. In most cases, the listing agent will share the commission with the buyer's representative, but that does not diminish the buyer representative's obligation to the buyer in any way.
Read also:
Standard Seller Representation
Overlapping Brokerage Relationships