Buyer's Agency

Real Estate Brokerage Relationships

What is a Buyer's Agent?
The buyer's agent represents the buyer only, so the seller may be either without representation or represented by another agent. The buyer's agent is responsible for performing the following duties:

Promoting the interests of the buyer with utmost good faith, loyalty and fidelity;
Protecting the buyer's confidences, unless disclosure is required;
Presenting all offers in a timely manner;
Advising the buyer to obtain expert advice;
Accounting for all money and property received;
Disclosing to the buyer all adverse material facts that the agent knows;
Disclosing to the seller all adverse material facts actually known by the agent, including all material facts concerning the buyer's financial ability to perform the terms of the transaction.

The buyer's agent has no duty to:

Conduct an independent investigation of the buyer's financial condition for the benefit of the seller
Independently verify the accuracy or completeness of statements made by the buyer or any qualified third party.

What is a Designated Seller’s Agent?

The designated agent is a seller's agent who has been designated by the broker to represent the seller to the exclusion of all other licensees affiliated with the firm. The designated agent performs all the duties of a seller's agent, while the other agents in the firm perform the duties of a transaction broker, unless they have a buyer agency agreement.

What is a Designated Buyer’s Agent?

The designated agent is a buyer's agent who has been designated by the broker to represent the buyer to the exclusion of all other licensees affiliated with the firm. The designated agent may show properties listed by other agents in the designated agent's firm. The designated agent performs all duties of a buyer's agent, while the other agents in the firm perform the duties of a seller's agent or a transaction broker.

What is a Transaction Broker?
The transaction broker is not an agent for either party, so the transaction broker does not advocate the interests of either party.

The Transaction Broker is responsible for performing the following duties:

Protecting the confidences of both parties, including the following information:
- The fact that a buyer is willing to pay more;
- The fact that a seller is willing to accept less;
- The factors that are motivating any party;
- The fact that a party will agree to different financing terms;
- Any information or personal confidences about a party that might put the other party at an advantage.
Exercising reasonable skill and care;
Presenting all offers in a timely manner;
Advising the parties regarding the transaction;
Suggesting that the parties obtain expert advise;
Accounting for all money and property received;
Keeping the parties fully informed;
Assisting the parties in closing the transaction;
Disclosing to the buyer all adverse material facts actually known by the transaction broker, including the following:
- Environmental hazards affecting the property that are required to be disclosed;
- The physical condition of the property;
- Any material defects in the property or in the title to the property;
- Any material limitation on the seller's ability to complete the contract.
Disclosing to the seller all adverse material facts actually known by the transaction broker, including all material facts concerning the buyer's financial ability to perform the terms of the transaction.

What is a Seller's Agent?
The seller's agent represents the seller only, so the buyer may be either without representation or represented by another agent. The seller's agent is responsible for performing the following duties:

Promoting the interests of the seller with utmost good faith, loyalty and fidelity;
Protecting the seller's confidences, unless disclosure is required;
Presenting all offers in a timely manner;
Advising the seller to obtain expert advice;
Accounting for all money and property received;
Disclosing to the seller all adverse material facts about the buyer that the agent knows;
Disclosing to the buyer all adverse material facts actually known by the agent, including:
- Environmental hazards affecting the property that are required to be disclosed;
- The physical condition of the property;
- Any material defects in the property, or in the title to the property; and
- Any material limitation on the seller's ability to complete the contract.

The seller's agent has no duty to:

Conduct an independent inspection of the property for the benefit of the buyer;
Independently verify the accuracy or completeness of any statement by the seller or any qualified third party.

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