Real Estate Agency Explained

Seller Agency (Single Agency)

• Agent will represent the best interests of the Seller.
  
  
• Agent will owe the Seller fiduciary duties.
  (Duties owed to a principal by an agent including disclosure, competence, obedience, accountability, confidentiality and loyalty)
  
  
• Agent must give the Buyer all material facts so that the Buyer can make an educated decision.
  
  

Buyer Agency (Single Agency)

• Agent will represent the best interests of the Buyer.
  
  
• Agent will owe the Buyer fiduciary duties.
  
  
• Agent must give the Seller all material facts so that the Seller can make an educated decision.
  
  

Dual Agency

• Agent represents both the Buyer and the Seller equally.
  
  
• Agent owes both Buyer and Seller fiduciary duties.
  
  
• Agent's objective is to get a mutually satisfactory agreement among all parties.
  
  
• Agent gives all options to the Buyer and the Seller.
  
  
• Depending on the local market, all parties may be present at contract presentation to negotiate on their own behalf.
  
  
• All parties have confidentiality. Agent may do nothing to the detriment of either the Buyer or the Seller.
  
  
• Both the Buyer and the Seller have a right to counsel. Before making any decisions, both parties have the right to seek family, religious, legal, or financial counsel.