Duties of a buyer’s agent
Licensees acting as buyer’s agents also must fulfill certain duties to their clients. These are in addition to their fiduciary duties described above. Those duties are:
- Seeking a property at a price and with purchase or lease terms acceptable to the buyer. Unless the buyer directs otherwise, the buyer’s agent is not obligated to seek additional purchase or lease possibilities if the buyer is a party to a contract to purchase property, or has entered into a lease or has extended a letter of intent to lease; and
- Presenting any offer or counteroffer to purchase or lease to the listing agent in a timely manner, even if the property is subject to a contract of sale, lease or letter of intent to lease.
Buyer’s agents are forbidden from offering subagency or accepting compensation from a seller’s agent without the knowledge and consent of the buyer. But a licensee does not breach any duty or obligation to the buyer by showing the same properties to other buyers or by acting as an agent or subagent for other buyers, or as an agent or subagent for sellers, except that any dual agency relationship must be disclosed to a client.
For questions about what type of agency best serves your interests, contact a REALTOR today.