Do you know the difference between a buyer agent and a seller agent...?

There have been many times that I catch myself explaining the difference of a buyer’s agent and a seller’s agent to my clients.  In traditional real estate times there was only a seller’s agent and the buyer’s did not have the same equal treatment. Well there is a difference, a big difference and here it is….

A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller. The ob-ligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.

A seller’s agent is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, with-out limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.

Especially, a buyer's agent works and represents a buyer and a seller's agent represents a seller.  Therefore, both sides of the transaction are equally represented....more later.
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Welcome to keepin' up with the Joneses

Welcome to Jones'in Realty News - my new blog dedicated to helping out home buyers and sellers by offering free real estate advice. I am a licensed realtor and I invite you to check out my profile for more of my background details and experience. Through this blog I will post real estate advice, market stats, articles and much more. I will also be available for live Q&A on Monday's from 6-7 pm. Thanks so much for stopping by and keeping up with the Joneses!
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