Understanding An Agent's
Fiduciary Duties to The Seller

Chances are that you are been looking on the internet for properties that interest you. You may be driving through neighborhoods looking for areas that appeal to your family.

You may or may not have decided yet to involve the help of a real estate agent. When you come upon an open house there are a few things to keep in mind that will benefit you should you like the home.

It is important to you to understand that the agent who is hosting the open house is employed by the home seller and is contracted to honor his or her fiduciary duties to the seller which include the following:

Undivided Loyalty – the listing agent is prohibited from advancing any interests other than the seller’s.

Obedience – the listing agent is required to follow the seller’s lawful instruction
Reasonable Care and Diligence – the listing agent is required to protect the seller from any foreseeable risks of harm.

Confidentiality – the listing agent must keep confidential any personal information that the seller does not want shared. Material defects in the property, however, are NOT confidential.

Full Disclosure – the listing agent must share any information that might affect decisions made by the seller.

Accounting – the listing agent is required to safeguard money or property held on behalf of the seller and to report promptly any transfer thereof.