Page 6 - Small Booklet Buyers Guide2023
P. 6
Agency Relationships
The Agency Relationship is based on one person representing the
interests of another person. Real Estate agents are licensed by the state
to represent a person in the purchase or sale of a property.
M 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
UE TEA relationship formed between the agent and the client is called a fiduciary relationship. A
fiduciary relationship is one based on trust because the agent owes the following duties
to the client: Loyalty, Obedience, Diligence, Disclosure, Confidentiality, Accountability
and Reasonable Skill & Care. The Higgins Group oers three possible types of agency
RBL relationships. They are: 1. Buyer’s Agent
NDE 2. Seller’s Agent / Listing Agent
THE VA 3. Dual Agency
The Higgins Group represents the seller when we list a property for sale. Our firm
represents the buyer when we work with buyers. We are dual agent, representing both
the seller and the buyer, when we show buyers property that is listed with the brokerage.
Buyer’s Agency:
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. Buyer’s agents often work with sellers, but do not represent the seller.
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
• Counsel the buyer on what price to oer the seller
• Show what other buyers are paying for property in the area
• Assist in writing an oer 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
• Attend the closing with the buyer
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