A Buyer’s Agent…What is that?
“Buyer’s agent” means a licensee who has entered into an agency relationship with only the buyer in a real estate transaction, and includes subagents engaged by a buyer’s agent. Duties of a Buyer’s Agent
(a) To be loyal to the buyer by taking no action that is adverse or detrimental to the buyer’s interest in a transaction
(b) To timely disclose to the buyer any conflicts of interest
(c) To advise the buyer to seek expert advice on matters relating to the transaction that are beyond the agent’s expertise
(d) Not to disclose any confidential information from or about the buyer, except under subpoena or court order, even after termination of the agency relationship
(e) To make a good faith and continuous effort to find a property for the buyer; except that a buyer’s agent is not obligated to:
(i) seek additional properties to purchase while the buyer is a party to an existing contract to purchase; or
(ii) show properties as to which there is no written agreement to pay compensation to the buyer’s agent.
Other things you should know:
(a) The showing of property in which a buyer is interested to other prospective buyers by a buyer’s agent does not in and of itself breach the duty of loyalty to the buyer or create a conflict of interest.
(b) The representation of more than one buyer by different licensees affiliated with the same broker in competing transactions involving the same property does not in and of itself breach the duty of loyalty to the buyers or create a conflict of interest.
More information…
The information contained in this post comes directly from “The Law of Real Estate Agency” as provided by the Northwest Multiple Listing Service. For a full copy of this pamphlet, call us at (206) 245-9942 today!
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