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, unrepresented. However, buyers too have the option of being represented exclusively by their own agent. Consider the following benefits;
The real estate agent must act in the best interest of the buyer
Must follow the lawful instructions of the principal (buyer)
3). Disclosure of all material facts
Examples, but not limited to: Relationships between agent and other parties, Existence of other offers, Property’s true worth, Status of earnest money, Commission split with other brokers, Seller’s financial condition, Legal effects of contract provisions
Any discussions, facts, or information can be shared freely with the kind of CONFIDENTIALITY you expect from someone working in your best interest.
5). Accounting in dealings
Reporting of where any money placed in the hands of the broker is kept
6). Reasonable skill and care
Arriving at a reasonable purchase price and advising buyer of such. Affirmatively discovering and investigating the material facts and disclosing them to the buyer.