Page 20 - TedBookBuyer2023

Understanding

Disclosures and Agency

Seller Agency (Single Agency)
• Agent will represent the best interests of the seller.
• Agent will owe the seller fiduciary duties.
• Agent must inform the buyer of all known material facts about the property so that the
buyer can make an educated decision.

Buyer Agency (Single Agency)
• Agent will represent the best interests of the buyer.
• Agent will owe the buyer fiduciary duties.
• Agent must inform the buyer of all known material facts about the property so that the
buyer can make an educated decision.
• Agent must inform the seller of all facts regarding the buyer’s financial ability to
perform the terms of the transaction and whether the buyer intends to occupy the
property.

Transaction Broker
• Agents assists both the buyer and seller throughout a real estate transaction
(communication, negotiation, contracting, and closing) without being an agent or
advocate for either party.
• Agent owes the parties a number of statutory obligations and responsibilities,
including using reasonable skill and care in the performance of any written agreement.
Mutual satisfaction among all parties is the agent’s objective in this role.
• Agent gives all options to the buyer and the seller.
• Agent must inform the buyer of all known material facts about the property so that the
buyer can make an educated decision.
• Agent must inform the seller of all known facts regarding the buyer’s financial ability
to perform the terms of the transaction and whether the buyer intends to occupy the
property.
• Depending on the local market, all parties may be present at contract presentation to
negotiate on their own behalf.
• Agent may do nothing to the detriment of either the buyer or the seller. All parties are
assured confidentiality.