A buyer may contract with an agent or firm to represent him/her. A licensee who is engaged by and acts as the agent of the Buyer is known as the Buyer’s Agent.
If a Buyer wants an agent to represent him in purchasing a property, the buyer can enter into a Buyer’s Agency Agreement with the agent. A Buyer’s Agent has the following duties and obligations:
To the Buyer:
The fiduciary duties of loyalty, confidentiality, obedience, disclosure, full accounting and the duty to use skill, care and diligence.
To the Seller and Buyer:
A duty of honesty and fair dealing.
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