Page 6 - Buyer's Guide

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.

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. 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 offers three possible types of agency relationships. They are:

1. Buyer’s Agent

2. Seller’s Agent / Listing Agent
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 offer the seller
• Show what other buyers are paying for property in the area
• 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
• Attend the closing with the buyer

Buyer’s Guide

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