A home buyer's agent has a fiduciary responsibility to act in the best interest of the buyer throughout the real estate transaction. Without a buyers agent when purchasing a new or resale home. The buyer goes unrepresented. This responsibility is a legal obligation that includes several key duties.
Duties of a Buyers Agent
1. Loyalty: The agent must prioritize the buyer's interests above their own or any third party's. They cannot act in a way that would benefit the seller or themselves at the expense of the buyer.
2. Confidentiality: The agent must keep the buyer's personal and financial information confidential. This includes not disclosing details such as the buyer's maximum budget, motivation for buying, or any other sensitive information that could disadvantage the buyer in negotiations.
3. Disclosure: The agent is required to disclose all material facts about the property or the transaction that might affect the buyer's decision. This includes information about property defects, market conditions, or anything else that could influence the buyer's purchase.
4. Obedience: The agent must follow all lawful instructions given by the buyer, even if the agent disagrees with them, as long as they are within legal and ethical boundaries.
5. Reasonable Care and Diligence: The agent must use their skills and knowledge to protect the buyer's interests, making informed recommendations and ensuring that the transaction proceeds smoothly.
These fiduciary duties ensure that the buyer's agent is working solely for the buyer's benefit and is held accountable if they fail to uphold these obligations.
