If you’re going into the home purchase process well armed with information, you already know how important it is to use your own real estate agent and not the seller’s. If this is news to you, read on.
Real estate agents owe their clients what is known as a “fiduciary duty.” Although it sounds like legal jargon, it simply means that the agent is obligated to act in the best interests of his or her client. What are these interests? At their most basic, the seller’s interest is to sell the home for the most money possible while the buyer is interested in purchasing the home for the least amount of money possible. Of course, both parties have ancillary interests such as the protection of their privacy. The fact is, a seller’s interests and a buyer’s interests are completely different and, in fact, conflict with one another. Let’s take a look at some of the specific interests that a real estate agent’s fiduciary duty includes.
Great info on everything real estate.