What is Buyer Agency?
The buyer’s agent represents the buyer only, so the seller may be either unrepresented 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; and
• 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; or
• Independently verify the accuracy or completeness of statements made by the buyer or any qualified third party.
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.