There are three types of agency relations: Buyer’s Agent, Dual Agent, and Seller’s Agent.

Buyer’s Agent
A buyer’s agent acts exclusively on behalf of the buyer and has fiduciary duties to the buyer, including:

• Reasonable care
• Undivided loyalty
• Confidentiality
• Full disclosure of relevant material information
• Honesty
• Obedience to lawful instruction
• Accountability
• Reasonable skill and care
• Diligence

A buyer’s agent represents your best interests in the home buying process. In the event the buyer becomes interested in a property which is listed with the agent’s firm, the agent will become a dual agent in that transaction.

Dual Agent
Dual agency arises when an agent representing the buyer shows the buyer properties which have also been listed with the firm or those properties where the firm has already agreed to be an agent of the seller. A real estate company can be the agent of both the buyer and seller in a transaction with the knowledge and written consent of both parties.

A dual agent owes both the buyer and seller the following:

• Fair treatment of both parties
• Provide information that helps both parties make educated choices
• Advise and guide
• Provide a comparable market analysis
• Negotiate to mutually agreeable terms and conditions
• Keep confidential each party’s price, terms and personal confidences

Seller’s Agent
A seller’s or listing agent acts on behalf of the seller, and has fiduciary duties to the seller, just as outlined for buyer’s agent above. A seller’s agent may become a dual agent if they are also representing a buyer client on the subject property.