Although the typical agency agreement spells out the fiduciary duties an agent must fulfill for the Seller, the Buyer is often left, in a sense, not represented.
However, Buyers too have the option of being represented exclusively by their own agent. Consider the following benefits:
Loyalty:
• The real estate agent must act in the best interest of the Buyer.
Obedience:
• Must follow the lawful instructions of the principle (Buyer).
Disclosure of all material facts:
Examples, including but are not limited to:
• Relationship between agent and other parties
• Existence of other offers
• Status of deposit money
• Seller's financial condition
• Properties true worth
• Commissions split with other brokers
• Legal effects of important contract provisions
Confidentiality:
• Any discussions, facts, or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealing with all parties
Accounting in dealings:
• Reporting of where any money placed in the hands of broker is kept
Reasonable skill and care:
• Arriving at a reasonable purchasing price and advising Buyer of such
• Affirmatively discovering material facts and disclosing them to the Buyer
• Investigating the material facts related to the sale
As a Buyer's Agent, the agent represents the Buyer and the Buyer’s interests in the purchase of their new home, not the Seller's interests. When you are looking to make the biggest investment of your life, it is not hard to understand why it is important to be represented exclusively.