Page 14 - Buyer Guide

AGENCY RELATIONSHIP

The responsibility of the real estate agent is defined by the state law relating to agents, the
REALTORS® Code of Ethics, and general principles of agency law. The type of relationship formed
between the agent and the client is called a fiduciary relationship. The agent owes the following
duties to the client: Loyalty, Obedience, Diligence, Disclosure, Confidentiality, Accountability and
Reasonable Skill & Care.

Why Buyers should use a Buyer’s Agent

A buyer’s agent acts solely on behalf of the buyer. A buyer’s agent has fiduciary duties to the
buyer which include reasonable care, undivided loyalty, confidentiality and full disclosure.
Responsibilities of a Buyer’s Agent include:

• Arrange property showings that meet the buyer’s interest
• Provide information about the home or property, community, schools, taxes, utilities, and zoning
• Disclose any information about the property that can be obtained by public sources
• Prepare a competitive market analysis on the property
• Assist in writing an offer with the buyer’s interest in mind
• Negotiate the best price and terms for the buyer
• Keep the price capabilities and objectives of the buyer confidential, and maintain anonymity if desired
• Assist with the loan application process
• Monitor all dates, events, and requirements for the buyer

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