![]() ![]() Types of AgencyĪlthough most people have a vague idea of what an agent is, agency law is specific - a confluence of common law, as established by the courts, and of statutory laws and regulations passed by state governments. The seller's agent owes no fiduciary duty to the buyer and the buyer's agent owes no fiduciary duty to the seller. For instance, in a real estate transaction where both the buyer and the seller are represented by agents, the buyer is a customer of the seller and the seller is a customer of the buyer. ![]() A customer can, and often will, have their own agent. Although the agent owes no fiduciary duty to a customer, the seller's agent must, nonetheless, disclose important information about the property and be honest to the customer. A customer is the other party to the transaction who is not represented by the agent. The fiduciary duty of the agent to the client is to represent the client to the greatest extent possible within the confines of the law. An agent is one who represents the principal, or client, in a transaction, has a fiduciary responsibility to the principal, and acts on behalf of the principal. In any real estate transaction, it is important to understand the relationship of the various agents, and to whom they owe a fiduciary duty, and of those not represented.Ĭommon and statutory laws govern the relationships in an agency. To buy or sell real estate, most people use the services of 1 or more real estate agents. ![]() Real Estate Agency › Money › Real Estate Real Estate Agency ![]()
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