Page 7 - Small Booklet Buyers Guide2023
P. 7
Agency Relationships
Seller’s Agency / Listing Agent:
A seller’s agent acts solely on behalf of the seller. A seller’s agent has fiduciary duties
to the seller which include reasonable care, undivided loyalty, confidentiality and full
disclosure. Although a seller’s agent does not represent the buyer, a seller’s agent must
treat buyers honestly and fairly. A seller’s agent must also disclose all material facts about
the seller’s property that are known by the broker. A seller’s agent must:
• Prepare a competitive market analysis of the seller’s home or property
• Develop and implement eective marketing strategies for the seller, including asking
price, staging, and positioning
• Inform the seller how much other homes and properties have sold for in the area
• Present all oers and counsel seller on what price to accept
• Negotiate exclusively on the seller’s behalf
• Update the seller on market conditions
• Prepare an estimate of closing costs
• Work closely with seller to assure a smooth closing
• Monitor all dates, events, and requirements for the seller
• Represent the seller’s interest at the buyer’s walk-through inspection
• Attend the closing with the seller
Dual Agency:
Legal in all 50 states, Dual Agency occurs when a real estate firm representing the buyer
shows the buyer properties where the firm has also agreed to be an agent of the seller.
A real estate firm can be an agent of both the buyer and the seller in a transaction with M
the knowledge and written consent of the buyer and seller. A Real Estate firm acting as
a dual agent must carefully explain to both buyer and seller that they are representing
both parties and their fiduciary duties are dierent if they represent both parties. When
representing the seller and the buyer, the agent must have the express permission of the UE TEA
respective party in order to disclose confidential information to the other party, such as
price, terms and motivation to sell or buy. A Dual Agent owes the buyer and the seller equal
representation, and must: RBL
• Treat both parties fairly
• Not knowingly represent one party to the detriment of the other
• Disclose facts each party needs to make an informed decision NDE
• To assist, as the Buyer and Seller are empowered to negotiate on their own behalf
• Assure confidentiality on each party’s price, terms, and personal information
THE VA
203 259 8 326 | VA N D E R B L U E . C O M 7
